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March 10, 2026Sustainable Development

From Tourism Growth to Sustainable Development: A Causality Analysis of Tourism, Exchange Rates, and Economic Growth in Asia

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Authors

CWColinie WickramaarachchiRJRuwan Jayathilaka

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Overview

Analyzes the relationships between tourism, economic growth, and exchange rates in Asia, suggesting pathways for sustainable development.

Key Points

  • This research aims to examine the causal relationships between tourism, economic growth, and exchange rates in Asia.
  • Analyzed data from 46 Asian countries from 2000 to 2020.
  • Controlled for trade openness to examine external sector effects.
  • Employed panel data techniques accounting for cross-sectional dependence and heterogeneity.
  • Used second-generation unit root and cointegration tests alongside Granger causality methods.
  • Identified varying causal dynamics among different Asian countries.
  • Observed tourism-led growth in some economies, where tourism boosts GDP.
  • Noted economy-driven tourism in other areas, where increased income supports tourism development.
  • Highlighted the importance of exchange rate stability for translating tourism income into sustainable investments.

Cite This Study

Wickramaarachchi et al. (2026) studied this question.

synapsesocial.com/papers/69af957570916d39fea4d1b4https://doi.org/10.1002/sd.70814
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