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The paper considers concepts of economic diversification with respect to exports (including service sectors) for small states. We assessed the economic performance of different groups of 34 small states over the period of 1990-2015 and found those more diversified experienced lower output volatility and higher average growth than most other small states. Our findings are consistent with conventional economic theories but we found that export diversification has a more significant impact on reducing output volatility than improving long run growth in small states. Diversification requires fundamental changes and should be contemplated in the context of a cohesive development strategy.
The aim of this book is to show how wine tourism can be used as a model for sustainable economic development, driving economic growth and social development in some locations. It will explore the interaction between tourism and viticulture in wine tourism destinations, while also explaining some of the repercussions of these activities. This book covers various topics including regional development, environmental management, sustainable viticulture, quality management in wineries and wine tourism routes among others. Wine tourism, which combines two important yet distinct economic activities (i.e., tourism and viticulture), has recently emerged as a new tourism product driven by tourists’ search for new experiences and wineries’ need to diversify their businesses and seek new revenue streams to boost sales. This new form of tourism, which typically takes place in rural areas and which combines wine production with tourist activities, is becoming important for such regions by providing a complementary income source. It provides a model for sustainable economic development for these regions, which for various reasons may otherwise struggle to develop. Featuring cases and business implications from various locations, this book provides an important source of knowledge—both theoretical and practical—suitable to academics, scholars, researchers, and practitioners in the tourism sector and the wine industry.
Abstract: The economies of the six Gulf Cooperation Council (GCC) countries are heavily reliant on oil. Greater economic diversification would reduce their exposure to volatility and uncertainty in the global oil market, help create jobs in the private sector, increase productivity and sustainable growth, and help create the non-oil economy that will be needed in the future when oil revenues start to dwindle. The GCC countries have followed many of the standard policies that are usually thought to promote more diversified economies, including reforms to improve the business climate, the development of domestic infrastructure, financial deepening, and improvements in education. Nevertheless, success to date has been limited. This paper argues that increased diversification will require realigning incentives for firms and workers in the economies—fixing these incentives is the “missing link” in the GCC countries’ diversification strategies. At present, producing non-tradables is less risky and more profitable for firms as they can benefit from the easy availability of low-wage foreign labor and the rapid growth in government spending, while the continued availability of high-paying and secure public sector jobs discourages nationals from pursuing entrepreneurship and private sector employment. Measures to begin to address these incentive issues could include limiting and reorienting government spending, strengthening private sector competition, providing guarantees and financial support for those firms engaged in export activity, and implementing labor market reforms to make nationals more competitive for private sector employment.
This text examines the development of mass tourism in coastal regions of Southern Europe, with implications for similar regions. It provides a critical assessment of attempts to make mass tourism resorts more sustainable, and the development of smaller-scale, alternative tourism products.
This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.