Table 1 shows the historical data of the international tourism trend, world per capita Gross National Income, the inflation rate, and the gross saving to GDP. The relationship among these variables can be used to predict tourist increase. Correlation analysis shows the relationships among these variables. Table 2 shows the observed correlation among the dependent and independent variables. According to the correlation analysis, World Per capita Gross National income and Gross savings % to GDP are the two-significant variables that are useful in making decisions to increase the tourists’ inflow.
|Years||International Tourism Receipts (US$ millions)||World Per capita Gross National lncome US $||Inflation rate||Gross savings % to GDP|
|International Tourism Receipts (US$ millions)||World Per capita Gross National lncome US $||Inflation rate||Gross savings % to GDP|
|International Tourism Receipts (US$ millions) (Y)||1|
|World Per capita Gross National lncome US $ (X1)||0.984578817||1|
|Inflation rate (X2)||-0.062053884||0.075883512||1|
|Gross savings % to GDP (X3)||0.670948188||0.720829037||0.268151892||1|
Regression analysis shows that the following relationship exists among the independent variable (X1, X2, X3) and dependent variable (Y)
Y = 43744.70 + 104.25 X1 – 13139.80 X2 – 2892.93 X3
Table 3 shows the growth in the receipts from the tourists over time in 2020, 2021, and 2022.
|Years||International Tourism Receipts (US$ millions)|
Additionally, when the world per capita gross national income rises to $10,000, the inflation rate goes up to 5.3, and the gross saving percentage to GDP is 24, the international tourists’ receipt would increase to the US $ 947,173.44.