Tourism and Banking: Providing All Out Economic Growth In Lebanon


The sight of several landmarks all over the world inevitably bring about a thirst to book a flight and experience the magic that the Eiffel Tower, the Statue of Liberty, and the Baalbeck Temple bring. With individuals flocking from different corners of the globe, tourism has established itself as a driving force turning the economic wheel of several countries; with Lebanon being a strong contender on such a list of countries. With the strong foothold of globalization firmly established and the advent of different hi-speed transportation models along the years, tourism has definitely impacted economies around the world.


A Contributor to the Overall Economic Health


As a primary injector of wealth into the Lebanese economy, tourism offers a vast array of benefits to individual business owners, the people of the country, and the state alike. One of the most apparent advantages of this sector would be employment as tourism paves the way for employment directly catered for the sector such as tour guides and hotel staffs all the while trickling down to other industries such as retail and Food and Beverage that get a fair share of such an advantage. As tourists increasingly infuse the country’s economy with financial liquidity, states usually invest such return to improve a country’s infrastructural landscape in the aim of better supporting its citizens and to better accommodate tourists in the future.
While bringing in liquidity into the country’s economy is a significant advantage that tourism provides, there are also other advantages; chief of them being diversifying the Lebanese economy. In times where production and natural resource extraction present a major source of income, tourism, being a leading player in the service industry acts as a buffer for other economic activity should the latter run into financial downturn. Additionally, diversification not only occurs on the national economic level but also on the levels of business models as business owners try to adapt their offerings to tourists coming from outside of Lebanon.


Tourism in Lebanon


Accounting to USD 9.3 billion or 18.4% of GDP in 2017, the second highest ratio in the Middle East, the touristic sector in Lebanon represents one of the largest employers in the country, as it has generated 131,500 direct jobs (or 6.4% of total employment) in 2017. With the availability of cultural, natural, and religious heritage in Lebanon as well as leisure attractions, the Lebanese tourism industry is bound to grow with ample market opportunities that include medical tourism, accommodation establishments, and business and convention hubs and centers.


Banking Complementing Tourism


From providing financial products and offerings to local businesses, enabling them to grow and develop their offerings, and providing digital e-banking solutions for individuals abroad, it is more than evident that the roles played by banks and their touristic counterparts are heavily intertwined. From deposit schemes, SME loan schemes, lending package for hotel purchase and renovation, lending package for travelers and agencies, and bank guarantees for tourism-related business entities, Lebanese banks can surely benefit from the many opportunities that tourism provides.

 


https://investinlebanon.gov.lb/en/sectors_in_focus/tourism
http://www.market-width.com/blogs/Importance-Tourism-Industry-Economic-Value.htm
https://blog.udemy.com/advantages-of-tourism/
https://www.thedailystar.net/banking-services-for-tourism-to-add-to-economic-growth-24725

 

Tourism and Banking: Providing All Out Economic Growth In Lebanon


The sight of several landmarks all over the world inevitably bring about a thirst to book a flight and experience the magic that the Eiffel Tower, the Statue of Liberty, and the Baalbeck Temple bring. With individuals flocking from different corners of the globe, tourism has established itself as a driving force turning the economic wheel of several countries; with Lebanon being a strong contender on such a list of countries. With the strong foothold of globalization firmly established and the advent of different hi-speed transportation models along the years, tourism has definitely impacted economies around the world.


A Contributor to the Overall Economic Health


As a primary injector of wealth into the Lebanese economy, tourism offers a vast array of benefits to individual business owners, the people of the country, and the state alike. One of the most apparent advantages of this sector would be employment as tourism paves the way for employment directly catered for the sector such as tour guides and hotel staffs all the while trickling down to other industries such as retail and Food and Beverage that get a fair share of such an advantage. As tourists increasingly infuse the country’s economy with financial liquidity, states usually invest such return to improve a country’s infrastructural landscape in the aim of better supporting its citizens and to better accommodate tourists in the future.
While bringing in liquidity into the country’s economy is a significant advantage that tourism provides, there are also other advantages; chief of them being diversifying the Lebanese economy. In times where production and natural resource extraction present a major source of income, tourism, being a leading player in the service industry acts as a buffer for other economic activity should the latter run into financial downturn. Additionally, diversification not only occurs on the national economic level but also on the levels of business models as business owners try to adapt their offerings to tourists coming from outside of Lebanon.


Tourism in Lebanon


Accounting to USD 9.3 billion or 18.4% of GDP in 2017, the second highest ratio in the Middle East, the touristic sector in Lebanon represents one of the largest employers in the country, as it has generated 131,500 direct jobs (or 6.4% of total employment) in 2017. With the availability of cultural, natural, and religious heritage in Lebanon as well as leisure attractions, the Lebanese tourism industry is bound to grow with ample market opportunities that include medical tourism, accommodation establishments, and business and convention hubs and centers.


Banking Complementing Tourism


From providing financial products and offerings to local businesses, enabling them to grow and develop their offerings, and providing digital e-banking solutions for individuals abroad, it is more than evident that the roles played by banks and their touristic counterparts are heavily intertwined. From deposit schemes, SME loan schemes, lending package for hotel purchase and renovation, lending package for travelers and agencies, and bank guarantees for tourism-related business entities, Lebanese banks can surely benefit from the many opportunities that tourism provides.

 


https://investinlebanon.gov.lb/en/sectors_in_focus/tourism
http://www.market-width.com/blogs/Importance-Tourism-Industry-Economic-Value.htm
https://blog.udemy.com/advantages-of-tourism/
https://www.thedailystar.net/banking-services-for-tourism-to-add-to-economic-growth-24725

 

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