The Effect Tourism has on the Malaysian Economy
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- UPDATED Oct 10, 2017
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After experiencing a strong first half, it’s now been reported that Malaysia’s economy is set to continue to rise in the second half of 2017. So, could the boom in economy be down to increased tourism? Here, we’ll look at how tourism has affected the Malaysian economy.
What makes Malaysia a popular tourist destination?
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In 2014, Malaysia was ranked as the 9th most popular tourist destination in the world. Its popularity is credited to its outstanding natural beauty, friendly locals and rich cultural heritage.
There’s something to suit everyone in this beautiful part of Asia. Just some of the country’s most popular destinations include Pulau Tioman, Langkawi and Kuala Lumpur. Langkawi is particularly popular for its stunning snorkelling experience. Pulau Tioman is also a great destination to spot wildlife, including sea turtles, flying foxes, monkeys and monitor lizards.
The country also has some more unusual attractions. In Kuala Lumpur, situated within Times Square, is a large shopping centre which contains a theme park, including a full-size rollercoaster. So, there’s plenty of reasons which make this beautiful country a popular tourist destination.
The effect tourism has on Malaysia’s economy
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Up until recently, Malaysia has relied heavily upon exports to keep its economy boosted. However, the government has worked hard to push tourism to the country in order to reduce its dependency on exports and now it appears to be starting to really pay off.
It’s reported that tourism is now Malaysia’s third largest source of income. It all started in 1999 when the country hosted a global marketing campaign entitled “Malaysia, Truly Asia”. That campaign managed to draw in an estimated 7.4 million tourists. This is said to have helped the country’s economy significantly in the 2008 economic crisis.
The increased number of tourists flocking to the country has had a particularly positive impact on Malaysia’s transportation, food, employment and accommodation sectors. It is also said to have had a positive impact on local Malaysia operators and websites. This is because the majority of consumers use the internet to gather information, as well as book their Malaysia holidays.
So, to sum up, tourism is really important in terms of Malaysia’s economy. It has enabled numerous sectors within the country to expand, while also helping to provide more employment opportunities and it’s helped to generate more foreign exchange income.
Overall, Malaysia is now a very popular tourist destination and this is contributing to its ever-increasing economy. Although it still lags behind other Asian countries such as Thailand, it does appear to be increasing in popularity as the years go on.