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BUS 101
January 31, 2021
Term Paper Project Phase 1
Tourism is a sector with potential for sustainable economic growth for both developing
and emerging economies. The tourism industry has been growing for decades and shows no
signs of stopping. As individuals from across the world have more money to spend than ever
before and get to see the globe’s many wonders through social media, it’s no surprise they want
to travel. But is the outlook for the tourism industry really as bright as it seems? I’ll answer that
question in this Phase 1 and next ensuing 4 Phases using analysis, which reviews the Economic,
Political/legal, Technological, Sociocultural, and Environmental factors influencing a business of
this industry.
Economic:
Economic factors have remained a major factor behind the high demand in the tourism
sector globally in 2016. The labor market has continued to grow stronger and with-it consumer
spending. Globally, travel and tourism's direct contribution to GDP was approximately 2.9
trillion U.S. dollars in 2019. When looking at countries that directly contributed the most to
global GDP the United States' travel and tourism industry contributed the largest sum at 580.7
billion U.S. dollars. The condition of the global economy is an important factor that affects the
