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Exploring the Nexus between Employment and Economic Contribution: A Study of the Travel and Tourism Industry in the Context of COVID-19

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  • Petra Vašaničová

    (Department of Finance, Accounting and Mathematical Methods, Faculty of Management and Business, University of Presov, 080 01 Presov, Slovakia)

  • Katarína Bartók

    (Department of Finance, Accounting and Mathematical Methods, Faculty of Management and Business, University of Presov, 080 01 Presov, Slovakia)

Abstract

The travel and tourism industry plays a crucial role in economies around the world. The impact of the COVID-19 pandemic on the tourism industry has been very pronounced. This paper aims to study the relationship between the country’s T&T industry Share of Employment (TTEMPL) and the country’s T&T industry Share of Gross Domestic Product (TTGDP). This study is specific because we do not focus on the development of indicators over time; instead, we propose the models for 117 countries using the quantile regression (QR) while comparing models in the context of COVID-19 (between 2019 and 2021). The results of the QR determined that individual percentiles of the TTGDP are more affected by the TTEMPL than other percentiles of the TTGDP, which is then reflected in the changes in regression coefficients. In addition, we compare analyzed indicators among countries according to region and income group. The study reveals that the tourism downturn caused by COVID-19 has adverse effects on the TTEMPL and the TTGDP. In addition, the results show that the impact of COVID-19 on the tourism industry appears to be varied among countries, regions, and income groups.

Suggested Citation

  • Petra Vašaničová & Katarína Bartók, 2024. "Exploring the Nexus between Employment and Economic Contribution: A Study of the Travel and Tourism Industry in the Context of COVID-19," Economies, MDPI, vol. 12(6), pages 1-21, May.
    • Handle: RePEc:gam:jecomi:v:12:y:2024:i:6:p:136-:d:1405947
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    References listed on IDEAS

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    1. Nisar Ahmad & Angeliki N. Menegaki & Saeed Al‐Muharrami, 2020. "Systematic Literature Review Of Tourism Growth Nexus: An Overview Of The Literature And A Content Analysis Of 100 Most Influential Papers," Journal of Economic Surveys, Wiley Blackwell, vol. 34(5), pages 1068-1110, December.
    2. K. Burggraeve & G. de Walque & H. Zimmer, 2015. "The relationship between economic growth and employment," Economic Review, National Bank of Belgium, issue i, pages 32-52, June.
    3. Susana Borrego-Domínguez & Fernando Isla-Castillo & Mercedes Rodríguez-Fernández, 2022. "Determinants of Tourism Demand in Spain: A European Perspective from 2000–2020," Economies, MDPI, vol. 10(11), pages 1-21, November.
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