Resumen

MUZEKENYI, M; NHETA, DS  y  TSHIPALA, NN. The effect of international tourism receipts on economic growth in South Africa. JCMAN [online]. 2018, vol.15, n.1, pp.695-714. ISSN 1815-7440.

The International Monetary Fund and the Mutual Assessment Process for G20 leaders revealed that a major objective of macroeconomic policies in many developing countries is sustained economic growth. South Africa as an emerging economy has been striving to achieve sustainable economic growth through different strategic sectors such as tourism sector. Although international tourism contributes to the growth of many economies, it is in turn affected by growth in developed countries. The focus of this study, therefore, was to assess the relationship between tourism earnings and economic variables, including long-run economic growth in South Africa using the Vector Error Correction Model. Real gross domestic product, international tourism earnings, real effective exchange rate and money supply were analysed. A multivariate vector autoregressive model using quarterly data covering the years 2000 to 2015 was used. In addition, a diagnostic test was carried out to authenticate the correct model specification. The results obtained showed a positive relationship between tourism earnings and real gross domestic product over a period of time. Based on the findings, it is recommended that policymakers work from a tourism-led growth orientation to (re)organise and allocate resources effectively in the attempt to boost economic development.

Palabras clave : Economic growth; gross domestic product; tourism and South Africa.

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