Hey! Did you know that tourism could be seen as an export? But unlike physical goods, it doesn't fluctuate in price like commodities on the global market! It’s like selling an experience, not a product!

Pros:

• A boon for countries lacking raw materials for manufacturing.
• Can solve balance of payment issues.
• Generates jobs in various sectors (welfare, catering, transport, guiding, accommodation, etc.).
• Provides opportunities to acquire new skills.
• Creates a multiplier effect: money earned locally circulates within the economy.
• Adds diversity to the country's export base, stabilizing foreign exchange earnings.

Cons:

• Leakage: If foreign companies manage the business, the profits might leave the country. Imagine pouring water into a bucket with a hole!

Real-World Example: Consider Nepal, a developing nation with limited manufacturing capabilities. It heavily relies on tourism, mainly due to its famous Mount Everest and diverse culture.

Pros:

• A feasible development strategy due to limited land and resources.
• Offers many natural attractions: coasts, mountains, ecosystems, etc.
• No restrictions by quotas or tariffs.
• Creates jobs for local people.

Cons:

• High transport costs due to isolation.
• Limited access to major economies.

Real-World Example: Seychelles, known for its beautiful beaches and coral reefs, heavily depends on tourism as a development strategy. But the travel costs can be high!

Isolation could be a boon or a bane! For many Small Island Developing States, their remoteness is one of their most attractive features but at the same time, this can lead to high transportation costs and limited accessibility