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https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection407072
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15236
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Acemoglu, D.: Introduction to Modern Economic Growth. Princeton University Press, U.S.A (2009) Arslanturk, Y., Balcilar, M., Azdemir, Z.A.: Time-varying linkages between tourism receipts and economic growth in small open economy. Econ. Model. 28, 664–671 (2011) Bosworth, B., Collins, S.M.: Accounting for growth: comparing China and India. J. Econ. Perspect. 22, 45–66 (2008) Brida, J.G., Carrera, E.S., Risso, W.A.: Tourism’s impact on long-run Mexican economic growth. Econ. Bull. 3, 1–8 (2008) Tang, C.F.: Is the tourism-led growth hypothesis valid for Malaysia? A view from disaggregated tourism markets. Int. J. Tour. Res. 13(2011), 97–101 (2011) Chang, C.-L., Khamkaew, T., Mcleer, M.: IV Estimation of a panel threshold model of tourism specialization and economic development. Tour. Econ. 18, 5–41 (2012) Domar, E.D.: Economic growth: an econometric approach. Am. Econ. Rev. 42, 479–495 (1952) Domar, E.D.: On the measurement of technological change. Econ. J. 71, 709–702 (1961) Durbarry, R.: Tourism and economic growth: the case of Mauritius. Tour. Econ. 10, 389–401 (2004) Eeckels, B., Filis, G., Leon, C.: Tourism income and economic growth in Greece: empirical evidence from their cyclical components. Tour. Econ. 18, 817–834 (2012) Ertur, C., Koch, W.: Growth, technological interdependence and spatial externalities: theory and evidence. J. Appl. Econ. 22, 1033–1062 (2007) Fayissa, B., Nsiah, C., Tadasse, B.: Impact of tourism on economic growth and development in Africa. Tour. Econ. 14, 807–818 (2008) Ghatak, S., Siddiki, J.: The use of ARDL approach in estimating virtual exchange rates in India. J. Appl. Stat. 28, 573–583 (2001) Gollin, D.: Getting income shares right. J. Polit. Econ. 110, 458–474 (2002) Habibi, F., Abbsasinejad, H.: Dynamic panel data analysis of European tourism demand in Malaysia. Iran. Econ. Rev. 55, 27–41 (2011) Hanafiah, M.H.M., Harun, M.F.M.: Tourism demand in Malaysia: a cross-sectional pool time-series analysis. Int. J. Trade Econ. Financ. 1, 80–83 (2010) Harrod, R.F.: Domar and dynamic economics. Econ. J. 69, 451–464 (1959) Holzner, M.: Tourism and economic development: the beach disease? Tour. Manag. 32, 922–933 (2010) Hye, Q.M.A., Khan, R.E.A.: Tourism-led growth hypothesis: a case study of Pakistan. Asia Pac. J. Tour. Res. 18, 303–313 (2013) Kadir, N., Karim, A.M.Z.: Demand for tourism in Malaysia by UK and US tourists: a cointegration and error correction model. In: Matias, Á., Nijkamp, P., Sarmento, M. (eds.) Advances in Tourism Economics. Physica-Verlag, Sarmento (2009). doi:10.1007/978-3-7908-2124-6_4 Katircioglu, S.T.: Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tour. Manag. 30, 17–20 (2009) Khalil, S., Mehmood, K.K., Waliullah, K.: Role of tourism in economic growth: empirical evidence from Pakistan economy. Pak. Dev. Rev. 46, 985–995 (2007) Kumar, R.R., Kumar, R.: Exploring the nexus between information and communications technology, tourism and growth in Fiji. Tour. Econ. 18, 359–371 (2012) Kumar, R.R., Kumar, R.: Effects of energy consumption on per worker output: A study of Kenya and South Africa. Energy Policy 62, 1187–1193 (2013b) Kumar, R.R., Kumar, R.: Exploring the developments in urbanisation, aid dependency, sectoral shifts and services sector expansion in Fiji: a modern growth perspective. Glob. Bus. Econ. Rev. 15, 371–395 (2013a) Kumar, R.R., Naidu, V., Kumar, R.: Exploring the nexus between trade, visitor arrivals, remittances and income in the Pacific: a study of Vanuatu. Œconomica 7, 199–218 (2011) Kumar, R.R., Stauverman, P.J., Patel, A., Kumar, R.D.: Exploring the effects of energy consumption on output per worker: A study of Albania, Bulgaria, Hungary and Romania. Energy Policy 69, 575–585 (2014) Kumar, R.R.: Exploring the nexus between tourism, remittances and growth in Kenya. Qual. Quant. 48, 1573–1588 (2013a). doi:10.1007/s11135-013-9853-1 Kumar, R.R.: Exploring the role of technology, tourism and financial development: an empirical study of Vietnam. Qual. Quant. http://link.springer.com/article/10.1007%2Fs11135-013-9930-5 (2013b) Kumar, R.R.: Remittances and economic growth: a study of Guyana. Econ. Syst. 37, 462–472 (2013c) Lee, C.C., Chang, C.P.: Tourism development and economic growth: a closer look at panels. Tour. Manag. 29, 180–192 (2008) Lee, J., Strazicich, M.C.: Minimum Lagrange multiplier unit root test with two structural breaks. Rev. Econ. Stat. 85, 1082–1089 (2003) Lim, C., McAleer, M.: A cointegration analysis of annual tourism demand by Malaysia for Malaysia. Math. Comput. Simul. 59, 197–205 (2002) Loganathan, N., Ibrahim, Y., Harun, M.: The contribution of tourism development, policy and strategic alliances to economic growth: the case of Malaysia. TOURISMOS 3, 83–98 (2008) Loganathan, N., Subramaniam, T., Kogid, M.: Is ‘Malaysia truly Asia’? forecasting tourism demand from ASEAN using SARIMA approach. TOURISMOS 7, 367–381 (2012) MacKinnon, J.G.: Numerical distribution functions for unit root and cointegration tests. J. Appl. Econom. 11, 601–618 (1996) Mazumder, M.N.H., Ahmed, E.M., Al-Amin, A.Q.: Does tourism contribute significantly to the malaysian economy? Multiplier analysis using I-O technique. Int. J. Bus. Manag. 4, 146–159 (2009) Ministry of Tourism (MOT): Media Release—Malaysia receives a record 25 million tourist arrivals last year. MOT Malaysia. http://corporate.tourism.gov.my/mediacentre.asp?page=news_desk&news_id=763 (2013). Accessed 25 Dec 2013 Narayan, P.K., Popp, S.: Size and power properties of structural break unit root tests. Appl. Econ. 45, 721–728 (2013) Narayan, P.K.: The saving and investment nexus in China: evidence from co-integration tests. Appl. Econ. 37, 1979–1990 (2005) Norsiah, K., Saad, A.: Tourism and economic growth in Malaysia: evidence from multivariate causality tests. The First Seminar On: Entrepreneurship and Societal Development in ASEAN, pp. 1–9. ISE-SODA 2010, Bayview (2010). ISBN 983-2078-36-4 Nowak, J.Q., Sahli, M., Cortes-Jimenez, I.: Tourism, capital good imports and economic growth: theory and evidence for Spain. Tour. Econ. 13, 515–536 (2007) Obadiah, N.K., Odhiambo, N.M., Njuguna, J.M.: Tourism and economic growth in Kenya: an empirical investigation. Int. Bus. Econ. Res. J. 11, 517–528 (2012) Oh, C.O.: The contribution of tourism development to economic growth in the Korean economy. Tour. Manag. 26, 39–44 (2005) Ozturk, I., Acaravci, A.: On the causality between tourism growth and economic growth: empirical evidence from Turkey. Transylv. Rev. Adm. Sci. 25E, 73–81 (2009) Payne, J.E., Mervar, A.: The tourism-growth nexus in Croatia. Tour. Econ. 19, 1089–1094 (2010) Perron, P.: Further evidence on breaking trend functions in macroeconomic variables. J. Econom. 80, 355–385 (1997) Pesaran, M.H., Shin, Y., Smith, R.: Bounds testing approaches to the analysis of level relationships. J. Appl. Econom. 16, 289–326 (2001) Rao, B.B.: Estimates of the steady state growth rates for selected Asian countries with an extended Solow Model. Econ. Model. 27, 46–53 (2010) Rao, B.B.: Estimating short and long-run relationships: a guide for the applied economist. Appl. Econ. 39, 1613–1625 (2007) Romer, P.M.: Endogenous technological change. J. Polit. Econ. 98, 71–102 (1990) Salleh, N.H.M., Law, S.K., Ramachandran, S., Noor, Z.M.: Asia tourism demand for Malaysia: a bound test approach. Contemp. Manag. Res. 4, 351–368 (2008) Schumpeter, J.: The common sense econometrics. Econometrica 1, 5–12 (1933) Seetanah, B.: Assessing the dynamic economic impact of tourism for island economies. Ann. Tour. Res. 38, 291–308 (2011) Seetanah, B., Padachi, K., Rojid, S.: Tourism and economic growth: african evidence from panel vector autoregressive framework. Working Paper, No 2011/33, UNU-WIDER (2011) Sheldon, P.: Tourism Information Technologies. CAB, Oxford (1997) Solow, R.M.: A contribution to the theory of economic growth. Quart. J. Econ. 70, 65–94 (1956) Tan, A.Y.F., McCahon, C., Miller, J.: Stability of inbound tourism demand models for Indonesia and Malaysia: the pre-and postformation of tourism development organizations. J. Hosp. Tour. Res. 26, 361–378 (2002) Tang, C.F., Abosedra, S.: The impacts of tourism, energy consumption and political instability on economic growth in the MENA countries. Energy Policy 68, 458–464 (2014) Tang, C.F., Tan, E.C.: How stable is the tourism-led growth hypothesis in Malaysia? Evidence from disaggregated tourism markets. Tour. Manag. 37, 52–57 (2013) Toda, H.Y., Yamamoto, T.: Statistical inferences in vector autoregressions with possibly integrated process. J. Econom. 66, 225–250 (1995) UNWTO: UNWTO 25th CAP-CSA AND UNWTO Conference on Sustainable Tourism and Development 12–14 April 2013, Hyderabad, India (2013) World Bank: World Development Indicators and Global Development Finance. World Bank, Washington D.C. (2013)
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15236 https://intelek.unisza.edu.my/intelek/pages/view.php?ref=15236 https://intelek.unisza.edu.my/intelek/pages/search.php?search=!collection407072 Restricted Document Article Journal application/pdf Adobe Acrobat Pro DC 20 Paper Capture Plug-in with ClearScan 22 1.6 Adobe Acrobat Pro DC 20.6.20042 2024-08-30 11:22:30 6028-01-FH02-FESP-15-03309.pdf UniSZA Private Access Nexus between tourism earnings and economic growth: a study of Malaysia Quality & Quantity Prior studies on Malaysia mainly looked at the cointegration relationship and causality nexus of the tourism sector. In addition to these apects, in this article, we look at the statistical and economic significance of tourism in Malaysia. We explore the short-run and long-run effects of tourism on output per worker in Malaysia using the sample period 1975–2012 where we estimate the respective elasticity coefficients. Given that the data on tourism receipts reported by the World Bank (2013) are only for 1995–2011 at the time of study, we use an exponential trend function based on the available data for tourism receipts as best fit to approximate the missing data. Subsequently, using the data from 1975–2012 and the augmented Solow (1956) model in which tourism receipts (% GDP) is included as a shift variable and hence a proxy for tourism development, we examine the cointegration, elasticity coefficients and causation using the ARDL bounds (Pesaran et al. 2001) and the Toda and Yamamoto (1995) non Granger causality procedure, respectively. The results show that tourism has a lagged marginal negative effect ( − 0.06 %) in the short run and a positive and statistically significant effect in the long-run (+0.26 %). The causality nexus show a bi-directional causation between tourism and capital per worker which supports the notion that tourism and investment activities are mutually reinforcing; and a unidirectional causation from output per worker to capital per worker indicating that economic growth spurs capital accumulation and productivity. Although our findings are not unique due to data constraints, the results nevertheless reveal that tourism has a long-run momentous effect on the economic growth of Malaysia and is a catalyst for boosting investment activities. In this regard, policy focus can be directed towards enhancing tourism infrastructure including technology integration and management, creating more visitor confidence in the global tourism markets, exploiting the major sources of tourism markets with socially desirable and economically beneficial tourist products, and exploring niche markets for tourism expansion which can include links with foreign direct investment. 49 3 Kluwer Academic Publishers Kluwer Academic Publishers 1101-1120 Acemoglu, D.: Introduction to Modern Economic Growth. Princeton University Press, U.S.A (2009) Arslanturk, Y., Balcilar, M., Azdemir, Z.A.: Time-varying linkages between tourism receipts and economic growth in small open economy. Econ. Model. 28, 664–671 (2011) Bosworth, B., Collins, S.M.: Accounting for growth: comparing China and India. J. Econ. Perspect. 22, 45–66 (2008) Brida, J.G., Carrera, E.S., Risso, W.A.: Tourism’s impact on long-run Mexican economic growth. Econ. Bull. 3, 1–8 (2008) Tang, C.F.: Is the tourism-led growth hypothesis valid for Malaysia? A view from disaggregated tourism markets. Int. J. Tour. Res. 13(2011), 97–101 (2011) Chang, C.-L., Khamkaew, T., Mcleer, M.: IV Estimation of a panel threshold model of tourism specialization and economic development. Tour. Econ. 18, 5–41 (2012) Domar, E.D.: Economic growth: an econometric approach. Am. Econ. Rev. 42, 479–495 (1952) Domar, E.D.: On the measurement of technological change. Econ. J. 71, 709–702 (1961) Durbarry, R.: Tourism and economic growth: the case of Mauritius. Tour. Econ. 10, 389–401 (2004) Eeckels, B., Filis, G., Leon, C.: Tourism income and economic growth in Greece: empirical evidence from their cyclical components. Tour. Econ. 18, 817–834 (2012) Ertur, C., Koch, W.: Growth, technological interdependence and spatial externalities: theory and evidence. J. Appl. Econ. 22, 1033–1062 (2007) Fayissa, B., Nsiah, C., Tadasse, B.: Impact of tourism on economic growth and development in Africa. Tour. Econ. 14, 807–818 (2008) Ghatak, S., Siddiki, J.: The use of ARDL approach in estimating virtual exchange rates in India. J. Appl. Stat. 28, 573–583 (2001) Gollin, D.: Getting income shares right. J. Polit. Econ. 110, 458–474 (2002) Habibi, F., Abbsasinejad, H.: Dynamic panel data analysis of European tourism demand in Malaysia. Iran. Econ. Rev. 55, 27–41 (2011) Hanafiah, M.H.M., Harun, M.F.M.: Tourism demand in Malaysia: a cross-sectional pool time-series analysis. Int. J. Trade Econ. Financ. 1, 80–83 (2010) Harrod, R.F.: Domar and dynamic economics. Econ. J. 69, 451–464 (1959) Holzner, M.: Tourism and economic development: the beach disease? Tour. Manag. 32, 922–933 (2010) Hye, Q.M.A., Khan, R.E.A.: Tourism-led growth hypothesis: a case study of Pakistan. Asia Pac. J. Tour. Res. 18, 303–313 (2013) Kadir, N., Karim, A.M.Z.: Demand for tourism in Malaysia by UK and US tourists: a cointegration and error correction model. In: Matias, Á., Nijkamp, P., Sarmento, M. (eds.) Advances in Tourism Economics. Physica-Verlag, Sarmento (2009). doi:10.1007/978-3-7908-2124-6_4 Katircioglu, S.T.: Revisiting the tourism-led-growth hypothesis for Turkey using the bounds test and Johansen approach for cointegration. Tour. Manag. 30, 17–20 (2009) Khalil, S., Mehmood, K.K., Waliullah, K.: Role of tourism in economic growth: empirical evidence from Pakistan economy. Pak. Dev. Rev. 46, 985–995 (2007) Kumar, R.R., Kumar, R.: Exploring the nexus between information and communications technology, tourism and growth in Fiji. Tour. Econ. 18, 359–371 (2012) Kumar, R.R., Kumar, R.: Effects of energy consumption on per worker output: A study of Kenya and South Africa. Energy Policy 62, 1187–1193 (2013b) Kumar, R.R., Kumar, R.: Exploring the developments in urbanisation, aid dependency, sectoral shifts and services sector expansion in Fiji: a modern growth perspective. Glob. Bus. Econ. Rev. 15, 371–395 (2013a) Kumar, R.R., Naidu, V., Kumar, R.: Exploring the nexus between trade, visitor arrivals, remittances and income in the Pacific: a study of Vanuatu. Œconomica 7, 199–218 (2011) Kumar, R.R., Stauverman, P.J., Patel, A., Kumar, R.D.: Exploring the effects of energy consumption on output per worker: A study of Albania, Bulgaria, Hungary and Romania. Energy Policy 69, 575–585 (2014) Kumar, R.R.: Exploring the nexus between tourism, remittances and growth in Kenya. Qual. Quant. 48, 1573–1588 (2013a). doi:10.1007/s11135-013-9853-1 Kumar, R.R.: Exploring the role of technology, tourism and financial development: an empirical study of Vietnam. Qual. Quant. http://link.springer.com/article/10.1007%2Fs11135-013-9930-5 (2013b) Kumar, R.R.: Remittances and economic growth: a study of Guyana. Econ. Syst. 37, 462–472 (2013c) Lee, C.C., Chang, C.P.: Tourism development and economic growth: a closer look at panels. Tour. Manag. 29, 180–192 (2008) Lee, J., Strazicich, M.C.: Minimum Lagrange multiplier unit root test with two structural breaks. Rev. Econ. Stat. 85, 1082–1089 (2003) Lim, C., McAleer, M.: A cointegration analysis of annual tourism demand by Malaysia for Malaysia. Math. Comput. Simul. 59, 197–205 (2002) Loganathan, N., Ibrahim, Y., Harun, M.: The contribution of tourism development, policy and strategic alliances to economic growth: the case of Malaysia. TOURISMOS 3, 83–98 (2008) Loganathan, N., Subramaniam, T., Kogid, M.: Is ‘Malaysia truly Asia’? forecasting tourism demand from ASEAN using SARIMA approach. TOURISMOS 7, 367–381 (2012) MacKinnon, J.G.: Numerical distribution functions for unit root and cointegration tests. J. Appl. Econom. 11, 601–618 (1996) Mazumder, M.N.H., Ahmed, E.M., Al-Amin, A.Q.: Does tourism contribute significantly to the malaysian economy? Multiplier analysis using I-O technique. Int. J. Bus. Manag. 4, 146–159 (2009) Ministry of Tourism (MOT): Media Release—Malaysia receives a record 25 million tourist arrivals last year. MOT Malaysia. http://corporate.tourism.gov.my/mediacentre.asp?page=news_desk&news_id=763 (2013). Accessed 25 Dec 2013 Narayan, P.K., Popp, S.: Size and power properties of structural break unit root tests. Appl. Econ. 45, 721–728 (2013) Narayan, P.K.: The saving and investment nexus in China: evidence from co-integration tests. Appl. Econ. 37, 1979–1990 (2005) Norsiah, K., Saad, A.: Tourism and economic growth in Malaysia: evidence from multivariate causality tests. The First Seminar On: Entrepreneurship and Societal Development in ASEAN, pp. 1–9. ISE-SODA 2010, Bayview (2010). ISBN 983-2078-36-4 Nowak, J.Q., Sahli, M., Cortes-Jimenez, I.: Tourism, capital good imports and economic growth: theory and evidence for Spain. Tour. Econ. 13, 515–536 (2007) Obadiah, N.K., Odhiambo, N.M., Njuguna, J.M.: Tourism and economic growth in Kenya: an empirical investigation. Int. Bus. Econ. Res. J. 11, 517–528 (2012) Oh, C.O.: The contribution of tourism development to economic growth in the Korean economy. Tour. Manag. 26, 39–44 (2005) Ozturk, I., Acaravci, A.: On the causality between tourism growth and economic growth: empirical evidence from Turkey. Transylv. Rev. Adm. Sci. 25E, 73–81 (2009) Payne, J.E., Mervar, A.: The tourism-growth nexus in Croatia. Tour. Econ. 19, 1089–1094 (2010) Perron, P.: Further evidence on breaking trend functions in macroeconomic variables. J. Econom. 80, 355–385 (1997) Pesaran, M.H., Shin, Y., Smith, R.: Bounds testing approaches to the analysis of level relationships. J. Appl. Econom. 16, 289–326 (2001) Rao, B.B.: Estimates of the steady state growth rates for selected Asian countries with an extended Solow Model. Econ. Model. 27, 46–53 (2010) Rao, B.B.: Estimating short and long-run relationships: a guide for the applied economist. Appl. Econ. 39, 1613–1625 (2007) Romer, P.M.: Endogenous technological change. J. Polit. Econ. 98, 71–102 (1990) Salleh, N.H.M., Law, S.K., Ramachandran, S., Noor, Z.M.: Asia tourism demand for Malaysia: a bound test approach. Contemp. Manag. Res. 4, 351–368 (2008) Schumpeter, J.: The common sense econometrics. Econometrica 1, 5–12 (1933) Seetanah, B.: Assessing the dynamic economic impact of tourism for island economies. Ann. Tour. Res. 38, 291–308 (2011) Seetanah, B., Padachi, K., Rojid, S.: Tourism and economic growth: african evidence from panel vector autoregressive framework. Working Paper, No 2011/33, UNU-WIDER (2011) Sheldon, P.: Tourism Information Technologies. CAB, Oxford (1997) Solow, R.M.: A contribution to the theory of economic growth. Quart. J. Econ. 70, 65–94 (1956) Tan, A.Y.F., McCahon, C., Miller, J.: Stability of inbound tourism demand models for Indonesia and Malaysia: the pre-and postformation of tourism development organizations. J. Hosp. Tour. Res. 26, 361–378 (2002) Tang, C.F., Abosedra, S.: The impacts of tourism, energy consumption and political instability on economic growth in the MENA countries. Energy Policy 68, 458–464 (2014) Tang, C.F., Tan, E.C.: How stable is the tourism-led growth hypothesis in Malaysia? Evidence from disaggregated tourism markets. Tour. Manag. 37, 52–57 (2013) Toda, H.Y., Yamamoto, T.: Statistical inferences in vector autoregressions with possibly integrated process. J. Econom. 66, 225–250 (1995) UNWTO: UNWTO 25th CAP-CSA AND UNWTO Conference on Sustainable Tourism and Development 12–14 April 2013, Hyderabad, India (2013) World Bank: World Development Indicators and Global Development Finance. World Bank, Washington D.C. (2013)
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| spellingShingle |
Nexus between tourism earnings and economic growth: a study of Malaysia
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| summary |
Prior studies on Malaysia mainly looked at the cointegration relationship and causality nexus of the tourism sector. In addition to these apects, in this article, we look at the statistical and economic significance of tourism in Malaysia. We explore the short-run and long-run effects of tourism on output per worker in Malaysia using the sample period 1975–2012 where we estimate the respective elasticity coefficients. Given that the data on tourism receipts reported by the World Bank (2013) are only for 1995–2011 at the time of study, we use an exponential trend function based on the available data for tourism receipts as best fit to approximate the missing data. Subsequently, using the data from 1975–2012 and the augmented Solow (1956) model in which tourism receipts (% GDP) is included as a shift variable and hence a proxy for tourism development, we examine the cointegration, elasticity coefficients and causation using the ARDL bounds (Pesaran et al. 2001) and the Toda and Yamamoto (1995) non Granger causality procedure, respectively. The results show that tourism has a lagged marginal negative effect ( − 0.06 %) in the short run and a positive and statistically significant effect in the long-run (+0.26 %). The causality nexus show a bi-directional causation between tourism and capital per worker which supports the notion that tourism and investment activities are mutually reinforcing; and a unidirectional causation from output per worker to capital per worker indicating that economic growth spurs capital accumulation and productivity. Although our findings are not unique due to data constraints, the results nevertheless reveal that tourism has a long-run momentous effect on the economic growth of Malaysia and is a catalyst for boosting investment activities. In this regard, policy focus can be directed towards enhancing tourism infrastructure including technology integration and management, creating more visitor confidence in the global tourism markets, exploiting the major sources of tourism markets with socially desirable and economically beneficial tourist products, and exploring niche markets for tourism expansion which can include links with foreign direct investment.
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| title |
Nexus between tourism earnings and economic growth: a study of Malaysia
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| title_full |
Nexus between tourism earnings and economic growth: a study of Malaysia
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| title_fullStr |
Nexus between tourism earnings and economic growth: a study of Malaysia
|
| title_full_unstemmed |
Nexus between tourism earnings and economic growth: a study of Malaysia
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| title_short |
Nexus between tourism earnings and economic growth: a study of Malaysia
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| title_sort |
nexus between tourism earnings and economic growth: a study of malaysia
|