A CGE assessment of Singapore's tourism policies |
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| Institution: | 1. Department of Economics, National Cheng Chi University, Taiwan, ROC;2. Institute of Economics, Academia Sinica, Taiwan, ROC;3. Institute of Economics, National Sun Yat-Sen University, Taiwan, ROC;4. Department of Economics, Tunghai University, Taiwan, ROC;1. Department of Tourism, Recreation, & Sport Management, University of Florida, PO Box 118208, Gainesville, FL 32611, United States;2. Sport Management, University of Michigan, 1402 Washington Heights, Ann Arbor, MI 48109, United States;1. Department of International Logistics, Chung-Ang University, 221 Heuk Seok-Dong, Dong jak-Gu, Seoul, Republic of Korea;2. Department of International Trade and Logistics, Graduate School of Chung-Ang University, 221 Heuk Seok-Dong, Dong jak-Gu, Seoul, Republic of Korea;3. Maritime and Logistics Management, Australian Maritime College, University of Tasmania, Launceston, TAS 750, Australia |
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| Abstract: | The extraordinary performance of the Singapore tourism industry is attributed, among other factors, to the active tourism policies of the Singapore government, but the effectiveness of Singapore tourism policies has never been quantified. By building a CGE model for the Singapore economy with an emphasis on tourism and utilising the recently published Singapore input–output tables and tourism survey data, this study has gauged economic impact of Singapore inbound tourism and the effectiveness of Singapore tourism policies based on the simulated macroeconomic and sectoral effects. The modelling results show that, in terms of both real GDP and total tourism expenditure, tourism GST deduction is the most effective policy followed by the tourism activity subsidy policy. The tourism industry subsidy policy is proven to be the least effective. Since different tourism policies have different strengths and weaknesses, a balanced and focused approach to tourism policy is suggested for policy makers. |
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