The Role of Sustainable Competitiveness Indicator in Malaysian Tourism and Economic Growth
This paper proposes a sustainable competitiveness indicator for the state of tourism vulnerability in the Malaysian tourism market. Further investigation has also been done on the timefrequency and lead-lag relationship of the indicator with tourism development and economic growth. The resultant in...
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| Main Authors: | , , , |
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| Format: | Article |
| Language: | English |
| Published: |
Sciendo
2024
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| Subjects: | |
| Online Access: | http://ir.unimas.my/id/eprint/47529/1/The-Role-of-Sustainable-.pdf http://ir.unimas.my/id/eprint/47529/ https://sciendo.com/es/article/10.2478/sbe-2024-0053 https://doi.org/10.2478/sbe-2024-0053 |
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| Summary: | This paper proposes a sustainable competitiveness indicator for the state of tourism vulnerability in the Malaysian tourism market. Further investigation has also been done on the timefrequency and lead-lag relationship of the indicator with tourism development and economic growth.
The resultant indicator is consisted of 12 variables, identified based on the pillars of sustainability and
competitiveness to extract a common vulnerability component using a dynamic approximate factor model. The model’s accuracy rate was at a promising 92% based on the variable importance assessment using random forest algorithms. Through the implementation of bivariate wavelet coherence analysis, the empirical results indicated that the constructed indicator has a positive leading role in Malaysian tourism development and economic growth. This indicator can be embedded within an early warning system to signify vulnerabilities in the Malaysian tourism market. |
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