TOURISM AND HOSPITALITY AS DRIVERS OF ECONOMIC DEVELOPMENT IN BANGLADESH: A REVIEW OF ECONOMIC OPPORTUNITIES AND CHALLENGES

Abstract

Bangladesh, a nation rich in cultural heritage and natural beauty, possesses significant untapped potential in its tourism and hospitality sectors. Despite this, the contribution of these industries to the national Gross Domestic Product (GDP) has historically been modest compared to global averages. Recognizing tourism as a catalyst for economic growth, there is a growing imperative to understand and enhance its role in the country's development trajectory. The purpose of this research is to assess how much the tourism and hospitality management sectors contribute to Bangladesh's economy and what new ways there are to develop these sectors and to determine the current obstacles that impede them from reaching their full potential. This research aims to identify ways in which the strategic development of both the tourism and hospitality management sectors can create jobs, generate foreign exchange earnings, and stimulate the development of other related industries. This paper presents a narrative literature review along with a bibliometric analysis of modern scholarly works on tourism in Bangladesh. It combines peer-reviewed literature and government reports with national and international tourism statistics to evaluate the direct economic impacts of tourism on the hospitality industry covering GDP contribution and job creation, among other factors and the indirect impacts, such as foreign direct investment. It also includes a qualitative assessment of tourism-related policies, legislative frameworks, and developmental programs. Bangladesh's tourism and hospitality produce 3% of the total National GDP and seek to grow to 6-7%, contributing greatly to employment opportunities from all sectors, including accommodations, restaurants/cafes, passenger travel (transportation), and handicrafts, as well as attracting foreign investments and promoting cultural exchange. The literature reviewed points to a positive association between overall economic development and the growth of these sectors; however, there are some challenges associated with limited infrastructure and poor marketing. Bangladesh's economic development relies on strategic investments and effective management of the tourism and hospitality industry. Competitively priced, high-quality products in Bangladesh can enhance the country's overall gross domestic product (GDP), provide many new jobs, and improve the country's status as an economic player on the world stage. Continued focus on responsible tourism practices and increased investment in infrastructure will be needed to realize this potential.