The relationship between tourism and economic growth among BRICS countries: a panel cointegration analysis

Abstract Tourism has become the world’s third-largest export industry after fuels and chemicals, ahead of food automotive products. From last few years, there been a great surge in international tourism, culminates to 7% share World’s total exports 2016. To this end, study attempts examine relationship between inbound financial development economic growth by using panel data over period 1995–2015 for five BRICS (Brazil, Russia, India, China South Africa) countries. The results ARDL cointegration test indicate that are cointegrated long run. Further, Granger causality analysis demonstrates tourism is bi-directional, thus validates ‘feedback-hypothesis’ suggests countries should promote favorable policies push up turn will positively contribute tourism.