BRICS inbound and outbound tourism versus socio-economic indicators

Abstract

BRICS assemblies focus on politics and security, economics, and finance, and cultural and people-to-people exchange. Since these areas depend on global air transit and tourism, seamless movement is essential. Tourism fosters cultural proximity and human encounters, benefiting nations and businesses. This study aims to analyse tourism and socio-economic dynamics considering globalisation and socio-economic structural factors. The study examines economic growth, travel, and financial success in BRICS nations. The panel data regression method is applied to highlight the relations between tourism and socio-economic indicators among BRICS and G7 countries. Temporal and territorial aspects and all regression studies were performed using the statistical modelling programme EViews 11. The study found inbound and outward connections between globalisation, dynamic socio-economic indicators, and each country's structural indicators. These tripartite aspects explained BRICS inbound and outward travel, but both are in constant change over time. Results show that the actual globalisation paradigm favours developed nations in the tourism sector, emerging BRICS nations show hopeful socio-economic structures, however they need to find new unique strategies to achieve a fair share of the new emerging world middle class tourism market. The old one is already taken by developed countries and they will fight to expand it.</jats:p>