Greece is a country situated in South Eastern Europe. It is made up of many islands throughout the Aegean and Ionian seas. The climate is mild to warm in winter and hot and dry in the summer. Greece is part of the European Union and is classified as a high income country by the World Bank (“High income:OECD”, 2014).
Since 2008, as a result of the government debt crisis, the economy of Greece has recorded negative annual economic growth as measured by GDP (“The World Factbook”, 2015) Economic experts have reminded the Greek government that the tourism and hospitality industry can positively contribute to economic growth and development.
Prepare a paper for the government of Greece explaining a minimum of three (3) ways that the tourism and hospitality industry can contribute to positive economic growth and development. Your explanation should include:
a) The component(s) of GDP that are impacted
b) Direct, indirect and induced contributions to economic growth and development
c) Reference to examples from other economies (local, national or global) to support your suggestions. These examples may be broadly related to the industry or be chosen from a particular area of interest in foods, hospitality, tourism and events
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