The Economic Effects of Tourism in the Group of the Least Developed Countries

Tourism is one of the largest industries in the world. Besides, it is also considered by many international organizations as having the broad impact in the group of the least developed countries. The article aims to analyze the economic effects of tourism on the group of the least developed countries and discuss the potential positive and negative effects of tourism. For our purpose of creating the groups of the similar least developed countries, we use the cluster analysis and analyze the countries according to the Economic Impact Research. As a result, we group the countries into a number of clusters based on the specific components.