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The Role Of Sustainable Competitiveness Indicator In Malaysian Tourism And Economic Growth

Author

Listed:
  • Ann-Ni SOH

    (Universiti Malaysia Sarawak, 94300 Kota Samarahan, Malaysia)

  • Chin-Hong PUAH

    (Universiti Malaysia Sarawak, 94300 Kota Samarahan, Malaysia)

  • Affendy Arip MOHAMMAD

    (Universiti Malaysia Sarawak, 94300 Kota Samarahan, Malaysia)

  • Meng-Chang JONG

    (Universiti Malaysia Sarawak, 94300 Kota Samarahan, Malaysia)

Abstract

This paper proposes a sustainable competitiveness indicator for the state of tourism vulnerability in the Malaysian tourism market. Further investigation has also been done on the time-frequency and lead-lag relationship of the indicator with tourism development and economic growth. The resultant indicator is consisted of 12 variables, identified based on the pillars of sustainability and competitiveness to extract a common vulnerability component using a dynamic approximate factor model. The model’s accuracy rate was at a promising 92% based on the variable importance assessment using random forest algorithms. Through the implementation of bivariate wavelet coherence analysis, the empirical results indicated that the constructed indicator has a positive leading role in Malaysian tourism development and economic growth. This indicator can be embedded within an early warning system to signify vulnerabilities in the Malaysian tourism market.

Suggested Citation

  • Ann-Ni SOH & Chin-Hong PUAH & Affendy Arip MOHAMMAD & Meng-Chang JONG, 2024. "The Role Of Sustainable Competitiveness Indicator In Malaysian Tourism And Economic Growth," Studies in Business and Economics, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 19(3), pages 228-240, December.
    • Handle: RePEc:blg:journl:v:19:y:2024:i:3:p:228-240
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