An empirical examination of the dynamics of tourism, growth, and economic development at a regional level. The colombian departments

Abstract

Since the normalization of tourism in Colombia resulting from improved security and the pacification of various regions of the country, increased attention has been paid to the key role of tourism in regional economic development. The objective of this paper is to analyze the relationship between the tourism sector and economic development in Colombia. To examine the dynamic relationship existing between international tourism and economic development, the 33 departments of Colombia are analyzed between 2012 and 2021. The empirical analysis is conducted using non-parametric tools, derived from symbolic time series analysis, based on the notion of economic regime and clustering techniques. This offers a contribution in two aspects: on the one hand, a novel methodology is applied, and, on the other hand, regional-level analysis is performed. A limited mobility of the departments between the different regimes has been observed during this period, indicating the stability of the variables analyzed. The results of the study suggest that the relationship between tourism and economic development differs in the different groups of departments identified, offering evidence of differences within the country. It should be noted that the group of departments with the highest level of tourism displays a high level of economic development and growth.