Support of Tourism to reboot Economy after Covid-19: New Zealand Perspective - Statistics Assignment Help

Assignment Task

Abstract

This article first analyses the causality between tourism and economic development in New Zealand and later examines, whether strategic use of the tourism sector can contribute to New Zealand’s economic reboot from the Covid-19 pandemic economic conditions, by analysing the contribution of tourism to the economy in the past 10 years and changes happened during the pandemic period. From the analysis, we can able to find whether the effective use of tourism can further improve the economy of New Zealand.

In the past decade, tourism plays a vital role in the developing economy of many countries. Tourism act as a major tool in the development of various sectors of a country, and which become one of the well-accepted strategies for economic development. Many governments use this as an essential tool to boost their economy after the covid-19 pandemic. Methodological plans and marketing of their tourism sector can reduce the harmful effects and increase the benefits of tourism. various Countries considered Tourism as an elixir of their economic development, both in rural and urban areas, it is inevitable that all trading nations across the globe including New Zealand consider Tourism as the Cream of the crop to develop the economy. All over the world, Covid-19 has made an adverse effect on the economy and impacted a huge downfall in the tourism industry due to travel restrictions, lockdowns and fear of spreading the covid-19. This article analyses previous tourism benefactions to New Zealand’s economy and the downfall during the pandemic period, from the analysis, examines how government can use tourism can as an effective tool to support to boost the economy. Whether tourism can contribute to the economic reboot of New Zealand’s economy.

The tourism sector has a major role in New Zealand Economy. In 2019 tourism contributed 5.8% of GDP, also the flow-on effect indirectly contributes 4.3 ?ditional, Furthermore, this sector supports 8.1% New Zealand Workforce, In 2020 this tourism contribution decreased to 5.5% , indirect contribution to 3.8% and the workforce to 7.9% respectively (Source: Stats NZ). Furthermore, NZ annual GDP had a steep decrease from 2.2% In 2019 to -1.3% in 2020 (World bank Data). This indicates that New Zealand Economy had faced a dramatic decrease in the economy due to Covid-19. This research would analyse the factors that impacted the GDP, and investigate, whether improving the tourism sector can bring back NZ Economy.

To scrutinize the role of tourism in the NZ Economy and analyse the change during the pandemic period, this article examines data from the past decade (2010-2020). By selecting a long sample period, we could evaluate expected and unexpected changes in the GDP and tourism sector during this period, which will also able to find strategies to apply to improve tourism as well as GDP. For the analysis of the pandemic period, we consider the year 2020

as the pandemic period (From 11 Feb 2020 WHO officially declared the name of the disease COVID-19- and restriction was continued till the end of 2020 in NZ).

The verify the causality between international tourism and economic development, uses Time series regression with a set of related variables, from the period of 2010 to 2020 For the analysis, data were obtained from various sources such as GDP from the World Bank, Tourism data overviews such as International Tourism Arrival, Receipts, Exports etc from mbie.nz, Statz.nz, and UNWTO, by which we will able to find control dependencies of an unobserved and observed variable. Furthermore, the study can provide in-depth insight for the analysis of the further development of the economy through the contribution of the Tourism sector.

The contribution of tourism to the development of the economy is a well-researched topic, Researchers such as Tiago Neves & Paulo(2011), Pablo, Marcelino, Juan (2013) studied the influence of tourism growth on economic development. Mohammad Jaforullah (2015) Studied international tourism and economic development in NZ. The studies indicated that the effective use of tourism can stimulate the economy.

The development of tourism can strengthen economic growth, due to various reasons. First, exports in tourism can, directly and indirectly, impact the demand for goods and services which leads to GDP growth. Second, earning foreign exchange from tourism exports can stimulate the domestic economy, third, as various studies proved the overall development of the tourism sector can create jobs which also leads to the enhancement of the economy. From the analysis, we will be able to find the importance of tourism in NZ, the influence of tourism on the economic growth in NZ, and whether tourism can support NZ from the downfall of the economy due to the pandemic effect.

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