Description: Local Economic Development and Tourism

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Local Economic Development and Tourism

As discussed in Hawkins and Mann (2007), the World Bank dropped its engagement in the tourism sector during the 1980s after twenty years of financing Bank's tourism projects which included infrastructure for resort sites, lines of credit for h...

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Bibliographic Details
Main Authors:	Hayakawa, Tatsuji, Rivero, Monica, Maria Solo, Tova
Language:	English
Published:	World Bank, Washington, DC 2012
Subjects:	ADVENTURE TOURISM ARCHEOLOGY ARCHITECTURAL INTEREST BANK LENDING BANKING SECTOR BASIC CARIBBEAN COAST CITIES COMMERCIAL BANK COMMUNITY BASED TOURISM COMMUNITY TOURISM CONSERVATION CONSERVATION INTERNATIONAL CREDIT PROGRAM CREDIT PROGRAMS CRUISE CRUISE SHIPS CULTURAL HERITAGE CULTURAL TOURISM CULTURAL TOURISM DEVELOPMENT CULTURAL UNDERSTANDING DEVELOPMENT BANK DONOR RESOURCES ECO-TOURISM ECONOMIC ACTIVITIES ECONOMIC DEVELOPMENT ECONOMIC GROWTH ECOTOURISM EMPLOYMENT ENTERPRISE DEVELOPMENT ENVIRONMENTAL CONSERVATION ENVIRONMENTAL SUSTAINABILITY FINANCIAL SERVICES FINANCIAL SUPPORT FISHING HANDICRAFTS HERITAGE PROTECTION HISTORIC CITY HOLIDAYS HOST CITY HOTELS HUMAN CAPITAL INDIGENOUS COMMUNITY INDIGENOUS CULTURES INITIAL FUNDING LANDSCAPES LEARNING LINE OF CREDIT LINES OF CREDIT LOAN LOCAL HERITAGE LOCAL TOURISM MICRO CREDIT MICRO CREDITS MICRO-CREDIT MICRO-CREDITS MICRO-ENTERPRISES MICRO-FINANCE MICRO-FINANCE INSTITUTION MUNICIPAL TOURISM MUNICIPALITIES NATIONAL PARK PROFITABILITY QUALITY OF LIFE RESORT RESPONSIBLE TOURISM RURAL CLIENTS SMALL BUSINESSES SOCIAL CAPITAL SOCIAL RESPONSIBILITY SUSTAINABLE TOURISM TECHNICAL ASSISTANCE TEMPLE TOUR TOUR GUIDES TOURISM TOURISM BUSINESSES TOURISM DEPARTMENT TOURISM DEVELOPMENT TOURISM DEVELOPMENT PROJECT TOURISM ENTERPRISES TOURISM ENTREPRENEURS TOURISM MARKET TOURISM PROJECTS TOURISM RESEARCH TOURISM SECTOR TOURIST TOURIST DESTINATION TOURIST DESTINATIONS TOURISTS TRADITIONAL VALUES URBAN AREAS URBAN DEVELOPMENT URBAN PLANNING VISITOR VISITORS
Online Access:	http://documents.worldbank.org/curated/en/2008/11/12050676/local-economic-development-tourism http://hdl.handle.net/10986/10268

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Summary:	As discussed in Hawkins and Mann (2007), the World Bank dropped its engagement in the tourism sector during the 1980s after twenty years of financing Bank's tourism projects which included infrastructure for resort sites, lines of credit for hotels, training, and some investment in hotels and other tourism related projects. At the time, World Bank lending for tourism in Latin America and Caribbean (LAC) was just above US$350 million. After the tourism department closed in the late 70s, some projects supporting tourism continued, but total lending fell to US$150 million by the mid-80s. It had reached a low of US$50 million by the mid-90s. However, in the mid-90s the trend started reversing itself and by 2007 lending for tourism grew to US$175 million, and is expected to pass the $350 million dollar mark during 2008-09. The World Bank's renewed interest in tourism derives from its direct and indirect roles in reducing poverty and achieving the United Nations millennium development goals. Tourism is currently estimated to contribute around 10 percent of global gross domestic product (GDP) nowadays (Brida et al, 2007) and to be the largest contributor to employment worldwide. Thus tourism can impact positively on local economic development (LED) and, in turn, can lead to poverty reduction in destination communities and countries.