TITLE:
Potential of Tourism as a Sustainable Economic Development Strategy in Sierra Leone
AUTHORS:
Bisolu Sylvanus Hotchinson Betts, Zhou Zheng
KEYWORDS:
Sustainable Tourism, Economic Development, Jobs, GDP Growth, Sierra Leone
JOURNAL NAME:
Open Journal of Business and Management,
Vol.12 No.5,
September
25,
2024
ABSTRACT: Global tourism is expanding at an exponential rate, which has a significant effect on national economies all over the world. This industry has shown to be a key contributor to GDP growth and employment generation, as well as to the general stability and expansion of national economies. The following study evaluates the impact of Sierra Leone’s tourism sector on job prospects and the country’s economic growth from 1997 and 2022. The augmented Dickey-Fuller (ADF) and Phillips-Perron (PP) unit root tests were used to determine whether the variables were stationary. Two different statistical techniques are applied to the data analysis: regression analysis and the Johansen cointegration methodology. According to the study, there exists a statistically noteworthy correlation in between the expansion of the tourism sector and the ensuing expansion of the economy.