Research Article | Open Access
Post-Pandemic recovery measures and role of HEI’sto ensure socio- economic sustainability through FDIinSmart tourism
A Anuradha, Narmadha V
Pages: 205-217
Abstract
Tourism is one of the major source of revenue for most of the countries and it is recognised under the service sector.This study calls for the adoption of the new normal tourism business strategies in the island nations and mainland destinations which are more vulnerable to the pandemic situations.Due to the Covid-19 pandemic the socio economic sustainability in many countries that receives revenue from tourism are shaken.According to the United Nations World Tourism Organization (UNWTO), tourist arrivals are estimated to have fallen 74 percent in 2020 compared to 2019 and the efforts towards recovery could achieve very little in economic fronts.Srilanka has seen a worst financial crisis due to the, pandemic and its negative effects on its tourism sector.Sensitising the countries to think of technology integration in tourism through Foreign Direct Investment(FDI)to ensure socio economic stability and sustainabilityis the need of the hour.For the current study, the annual data of World Bank for the period from 1979- 2020 has been considered for analysis.ARDL model is used as it simplifies the long run causation by presenting the cointegration value and the short-run causation by presenting the Error correction term.Additionally, to find out directional causality in the short run, Granger causality is performed. The causal effects of Percapita Growth rate and Foreign exchange earnings from inbound tourism for five countries (China, India, Srilanka, Singapore(Asia) and Spain(Europe)) has been found along with the causal effect of FDI and Percapita Growth rate to arrive at the results for propagating the necessary policy implications for sustainable and stable tourism business.The results of the causal analysis recommends the need for FDI to encourage smart tourism and to ensure socio economic sustainability infuture.The study also recommends the governing bodies of the education sector to strongly suggeststructured curriculum that can nurture sustainable businesses to support sustainable tourism and realisation of other UN’s Sustainable development goals.
Keywords
Tourism, Socio economic sustainability,Virtual tourism, Smart tourism, Per Capita Growth Rate,Foreignexcahange earnings from inbound tourism,Granger Causality, Technology Integration for sustainable Tourism, Foreign Direct Investment(FDI), Curriculum desi