Is the Tourism-Led Growth Hypothesis Valid for Višegrad Group Countries?
Is the Tourism-Led Growth Hypothesis Valid for Višegrad Group Countries?

Author(s): Vera Mirović, Branimir Kalaš, Nataša Pavlović
Subject(s): Economy, Tourism
Published by: Udruženje ekonomista i menadžera Balkana
Keywords: Tourism; Economic growth; Panel data estimation; Višegrad group
Summary/Abstract: The tourism sector represents one of the most essential segments of the world economy. This paper aims to identify the effects of tourism indicators on economic growth in terms of tourism share, international tourism arrivals and tourism employment. The subject of the paper is evaluating the impact of the tourism sector on economic growth in selected Višegrad group countries (Czechia, Hungary, Poland and Slovakia) for the period 2008-2018. The empirical findings show that the tourism sector has a significant and positive effect on economic growth in these countries for the observed period. The results of the panel fixed effects model reflect that governments in Višegrad group countries should increase the tourism sector share in their economies in order to enable positive and lucrative implications for economic development.

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