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Tourism, Development and Growth: International Evidence and Lessons for Cyprus

Author

Listed:
  • Adamos Adamou

    (University of Cyprus)

  • Sofronis Clerides

    (University of Cyprus)

Abstract

We empirically investigate the relationship between tourism specialization, development and economic growth. Descriptive cross-country comparisons indicate a link between tourism specialization and level of development. Econometric analysis shows that tourism specialization is associated with higher rates of economic growth at relatively low levels of specialization but eventually diminishing returns set in and tourism’s contribution becomes minimal. Cyprus was one of the success stories of international tourism in the 1980s and 1990s but has since struggled to position itself in the international tourism landscape. Its example illustrates well both the promise and the limitations of tourism-driven economic growth.

Suggested Citation

  • Adamos Adamou & Sofronis Clerides, 2009. "Tourism, Development and Growth: International Evidence and Lessons for Cyprus," Cyprus Economic Policy Review, University of Cyprus, Economics Research Centre, vol. 3(2), pages 3-22, December.
    • Handle: RePEc:erc:cypepr:v:3:y:2009:i:2:p:3-22
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    File URL: https://www.ucy.ac.cy/erc/documents/Adamou_Clerides_Full_Text.pdf
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    Citations

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    Cited by:

    1. Haritini Tsangari, 2012. "Determinants of Tourism for “Sun and Sea’ Cyprus," European Research Studies Journal, European Research Studies Journal, vol. 0(3), pages 161-184.
    2. David Perrain & Philippe Jean-Pierre, 2019. "The smart destination strategy, a key factor for changes in vulnerable tourist destinations? [La stratégie de destination intelligente, facteur clé des mutations des destinations touristiques vulné," Post-Print hal-02144769, HAL.
    3. Jorge Ridderstaat & Robertico Croes & Peter Nijkamp, 2013. "Modelling Tourism Development and Long-run Economic Growth in Aruba," Tinbergen Institute Discussion Papers 13-145/VIII, Tinbergen Institute.
    4. Andrew Phiri, 2016. "Tourism and Economic Growth in South Africa: Evidence from Linear and Nonlinear Cointegration Frameworks," Managing Global Transitions, University of Primorska, Faculty of Management Koper, vol. 14(1 (Spring), pages 31-53.
    5. Buthaina M. A. Muhtaseb & Hussam-Eldin Daoud, 2017. "Tourism and Economic Growth in Jordan: Evidence from Linear and Nonlinear Frameworks," International Journal of Economics and Financial Issues, Econjournals, vol. 7(1), pages 214-223.
    6. Mahalia Jackman, 2014. "Output Volatility and Tourism Specialization in Small Island Developing States," Tourism Economics, , vol. 20(3), pages 527-544, June.

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