How Marine Tourism Promote Financial Development in Sustainable Economy: New Evidence from South Asia

15 The ocean economy and marine tourism policies are global economic concerns being looked 16 at from a deeply holistic viewpoint. For South Asian countries, the ocean economy and marine 17 tourism have successive socio-economic importance. The quantification of the ocean economy 18 and marine tourism also poses some major challenges and these challenges pose limitations for 19 policymaking by the government and other relevant agencies. The study has used the newly 20 developed Hidden Panel Cointegration test and Nonlinear Panel Autoregressive Distributed 21 Lag (NPARDL) model for a relationship between economic growth and tourism is assessed. 22 This study offers consistent and reliable results of co-integration by incorporating the findings 23 of four approaches to co-integration. The empirical results illustrate the asymmetric 24 relationship between ocean and marine tourism and economic growth. The findings showed 25 that 1% increase in long term tourism economic growth is adjusted by 2.95% annually. This 26 research paper aims to provide a policy related to South Asia's economic activities and ocean 27 and marine tourism economic significance. Protecting local marine protected areas (MPAs) 28 will improve the economic benefits of the ocean and the marine economy. The policy suggests 29 that there should be a law ensuring that marine tourism is of high quality and environment


1.Introduction
The economic living of 3 billion people depends on the ocean economy out of which a vast majority lives in developing countries.Marine industries such as fisheries and tourism are important job and income provider industries (tourism and experience 2016).However, climate change, pollution and insufficient consideration of environmental and social sustainability may threaten marine resources, hampering the socio-economic benefits that oceans bring to future generations (Iqbal et al. 2020;Nawaz, Seshadri, et al., 2021).Enlargement of the marine sector and sustainable investment in the ocean economy such as offshore renewable energy and marine biotechnology will promote job creation, energy supply, food security and infrastructure.Understanding how the international community can fill the gap in the development of ocean economy and marine tourism through their expertise, creativity, capacity and funding to prevent developing countries from lagging in the sustainable marine economy (Nawaz & Hassan, 2016a, 2016b).Coastal and marine tourism is an important part of a sustainable blue economy, creating 6.5 million jobs.The worldwide growth of the ocean economy and marine tourism is expected to reach 3.5 percent (Anser et al. 2018), (Anser 2019) and (Anser et al. 2020d).
By 2030, marine and coastal tourism will become the largest value-added component of the marine economy, hitting 26 percent of total production (Tourism Tasmania 2018) and (Khokhar et al. 2020).Regions such as the Caribbean (whose economic growth and well-being depend heavily on tourism) and other regions (such as Southeast Asia) are likely to benefit from this development.Nature is the foundation of the tourism industry as travelers around the world are willing to pay a premium for ocean-view quarters like beaches, coral reefs and panoramic views of the sea (Abbas et al. 2020).The fish and seafood items produced by coastal ecosystems are one of the favorite worldwide economic activity provide foods in restaurants and a source of livelihoods for the poorest coastal communities (Hou et al. 2019), (Yumei et al. 2021).Over three billion people depend on marine and coastal businesses for their livelihood.
So, 30 percent of the world's fish stock, however, is over-exploited, bringing the stock level below the optimal sustainable yield (Chien, Sadiq, et al., 2021).Ocean and seawater also consume 30 percent of human-generated CO2 emissions in everyday life.There is a troubling marine waste situation as about 13,000 bits of plastic litter are found on each square kilometer of the ocean.Policies related to marine, maritime tourism, and ocean economy are being approached with an inclusive outlook in this new era.Particularly in South Asia (World Travel & Tourism Council 2016) the increasing socio-economic importance of the marine economy and marine tourism is gradually evident.
Ocean economic development in South Asia is becoming increasingly concerned (The World Travel & Tourism Council 2015).Policymaking is the process of engaging various organizations and individuals to work with their self-and social benefits for mutual benefit.This paper deals with the policy-making of the ocean economy including marine tourism.The aim of developing an ocean economy and marine tourism policy is to investigate the relationship between the ocean economy and its economic and environmental benefits, along with providing guidance for further development (Nepal Tourism Board 2018) and (The World Travel & Tourism Council 2015).Research carries out those economic activities which include employment, salaries and output.Data analysis reveals that the ocean economy generates 2 percent of employment and 1.7 percent of GDP.The ocean economy is opening up new directions for job and output improvements (2014), (Liu and Wu 2019) and (Iqbal et al. 2019b).(OECD 2017) describes that one of the biggest sectors of marine and coastal tourism is the marine economy.A source of human economic activity is this marine and coastal tourism industry.Nevertheless, there is a debate about marine and coastal tourism's environmental impact.Naval and coastal tourism not only promises economic growth but also social sustainability.Additionally, the focus of marine and coastal tourism along with the idea of ecotourism is on nature conservation and economic welfare enhancement (Iqbal et al. 2019a).
Coastal and marine spaces provide a human being with a wide range of economic activities and services closely related to coastal and marine tourism.The maritime economic sector provides economic advantages but it also threatens the climate.MSP "Marine Space Planning" must be introduced, a strategy for reducing the environmental degradation caused by marine and coastal tourism (Khokhar et al. 2020).
Southeast Asia claims ownership of nearly 30% of the world's coral reefs, 35% of mangroves, and at least 18% of seagrass meadows (Prideaux et al. 2020) and has a coastline of 173,000 km that borders some of the world's most economically and ecologically rich ocean areas (Anser et al. 2020c).The marine economy is important for several states in the region.
Southeast Asia is also home to six of the world's top 25 busiest container ports and two of the world's top ten shipbuilding economies (Klain et al. 2018) and (Baloch et al. 2020).MSP ensures to address marine and coastal tourism related management and development issues to improve environmental conditions for the development of the marine and coastal tourism industries, enhance the efficiency and facilities of the seascapes and ecosystems, climatecompatible steps, to continue spatial control so as not to overwhelm tourism facilities and activities and improving economic and human development to the optimum level (Shair, Shaorong, Kamran, Hussain, & Nawaz, 2021;Zhuang et al., 2021).
Therefore, the purpose of this study is to systematically describe activity within South Asia's maritime economy and fully recognize its contribution to Asia.This approach uses analysis to assess the size and structure of the maritime economy, making extensive use of gray literature to distinguish marine and non-marine activities.The work focuses specifically on contributing to the economic production and employment of exotic air and marine recreation, including activities that rely on the material and local use of the marine environment but also its aesthetics

Background and Literature Review
The income of small coastal fishermen mainly depends on marine resources (Hadjimichael 2018).Consequently, they usually use and occupy areas with high marine biodiversity (Lenzen et al. 2020).If they use it indiscriminately without protection, then the ecosystem could be endangered, affecting the economic well-being of local communities.
Therefore, marine protected area (MPA) has become a universal tool for maintaining high biodiversity area (Ranasinghe et al. 2020).The MPAs have different types and size, vary in level of protection and safety focus.Therefore, protecting marine resources from misuse is an important goal.However, the setting up of MPA may expose the poor to greater risk of unemployment.It is important to develop alternative livelihood programs to help drive coastal communities out of the fishing industry without compromising their livelihoods.
Countries around the world usually use tourism as a livelihood strategy, and it is also used for biodiversity conservation in protected areas (OECD 2020) (Mohsin et al. 2020b), (Mohsin et al. 2018) and (Mohsin et al. 2021).In particular, it aims to increase the well-being of peoples and transform traditional income-generating activities in the region.The ultimate objective is to reduce poverty and eliminating threats to biodiversity.In the past decade, much research has been conducted on the role of tourism in protected areas.The empirical and theoretical literature provides contradictory answers to solve this problem ranging from negative to positive.Many scholars believe that tourism can help improve the income and living standards of residents by creating job opportunities .Although a large amount of literature shows that tourism has a positive impact on development and protected areas, others believe that tourism projects in MPA may be difficult to implement (Gössling et al. 2020).In addition, such projects cannot compete with fishing revenues (Prideaux et al. 2020), and they can increase income inequality (Dellink et al. 2019), create consumer conflicts (Hadjimichael 2018), and result in the elimination of cultural values (Suhel and Bashir 2018).Tourism was soon introduced and identified as an important means of generating alternative livelihoods to compensate for lost opportunities in societies, and hence the MPA's focus on marine resources.The similar works has been done one energy, economic and environment (Mohsin et al. 2019b), (Mohsin et al. 2020a) and (Mohsin et al. 2021). World Travel & Tourism Council (2018) described tourism as a ' clean industry ' and does not cause any degradation to the environment.The research also accounts for activities related to tourism that collect aquatic and terrestrial ecosystems.Community snuggle resides in nontourist places as well as tourist sites and beaches with lower organic carbon characteristics, lower densities and lower diversity ( Min et al. 2016;Nawaz, Hussain, et al., 2021).Small Island is a tourist destination that attracts tourists because of its natural beauty, foreignness and diversity.Spots of these tourists have clean, fresh and appealing water.Tourism becomes a source of boosting the economy because of the boundless characteristics of destination tourism.
However, because of the construction of new buildings and tourism-related activities, tourism is one of the major factors of environmental degradation and depletion (Mohsin, Kamran, Nawaz, Hussain, & Dahri, 2021).Tourism is a development tool that boosts a country's economy (Mulok et al. 2012) and plays an important role in the global industry.
The classification of the Marine economy according to is as follows:

Marine Protected Area
Areas that include rivers, estuaries, and oceans are marine protected areas.These marine areas can be hideaways in many forms from marine and wildlife.Commonly marine protected areas are closed to public access and are maintained for purposes of study and conservation.Such MPAs incorporate flora and fauna are of historical and cultural importance (Wasif Rasheed and Anser 2017), (Xu et al. 2020) and (Ahmad et al. 2020). Min et al.(2016) stated as other industries are growing rapidly in the world so the marine and coastal tourism industries are also one of the fastest growing industries in the world.Nonetheless, people are not fully aware of the economic and environmental value of marine and coastal tourism (Ma et al. 2015).This research paper, as supported by the United Nations Environment and Social Commission for Asia and the Pacific (ESCAP), elaborates key points for encouraging marine and coastal tourism include well-established coastal management practices, Healthy and safe coastal ecosystem, Resorts and beaches establishment and a worthy marine habitat and wildlife protection.

Terrestrial and Marine Protected Area
Terrestrial protected areas are an area of about 1,000 hectares which is completely or partially covered which includes national parks, beaches, natural and cultural monuments, hideaways of animals, and habitats protected (see figure 1).Such areas are covered under the direct supervision of federal or provincial governments (Kreishan 2010) and (Songling et al. 2019).Such areas are a source of attraction for tourism too.These areas include leisure and recreational tourism, cultural tourism, cruise and marine tourism (Pratt 2015) mentioned the character of the economy's terrestrial surface water ecosystem.The author clarified that the terrestrial surface water environment has clear importance for industrial and agricultural use, for use in the generation of hydropower and tourism and aquatic goods.

Analytical framework
The empirical research presented in this paper is based on the standard Cobb-Douglas production function with constant returns in the neoclassical system with Hicks neutral technical methods. =

𝑎
(1) Among them,   is the economic growth (real GDP per capita),   represents total factor productivity, and    represents capital per capita.The literature on economic growth can extends this production function in several ways.Researchers believe that inbound tourism, trade openness inflation and capital stock are all factors that affect economic growth.
However, it is possible to assume growth function as follwos:(2) where   is a vector of growth-enhancing variables such as tourism indicators, capital stocks, trade openness, inflation, and other macroeconomic policies, and T is the time dynamics.
Tourism is a significant determinant of economic growth, as we discussed in the previous section.Along with tourism, there are a number of other factors that could influence economic growth.In the theoretical and empirical literature of economics, the relationship between trade openness and economic growth has long been debated.For example, and claim that trade openness has a negative impact on individual countries, whereas Harrison (1996) claims that trade openness has a significant and positive impact on economic growth.Lee (1993) and Edwards (1998), for example, show that average tariff rates and economic growth have a negative relationship.Because the results were inconclusive, the implications of trade openness for Pakistan could not be generalized.As a result, in order to quantify its impact in Pakistan, we include it in our growth regression.
Another key element of economic growth, as per neoclassical growth theory, is capital stock.The majority of studies found that capital stock and economic growth have a positive and significant relationship.Similarly, the discussion of inflation and economic growth is contentious.Inflation has a contrasting impact on economic growth when measured over time.
Inflation has a negative effect on output growth rates in the short run, but it has no effect on GDP growth rates in the long run.Importantly, in the case of Pakistan, a moderate inflation rate is required for the economy's health, whereas a moderate and low level of inflation is detrimental to output growth.These contradictory findings lead us to believe that the inflation indicator should be included in growth regression.: where   is the economic growth variable of country i at time period T,   is international tourism receipt of country I at time period t,   represents the per capita capital invested of each country, M_Supply  indicates the total supply of each country in a specified time period, Ex_Rate  is the exchange rate of each country against the USA dollar and F_Development  indicates the financial development of each country and μ it is the Gaussian error term

Econometric Model
As we mentioned in the literature review section, much of the tourism growth literature is based on the cointegration techniques of Engel and Granger (1987), Johnson (1991), and Johnson and Usserius (1990).On the other hand, using the same method with the same variables, there is no chance to make an original contribution, because over time this will only increase the number of conflicting results, and we have serious questions about tourism management policies.To avoid this problem, we use an autoregressive distributed lag (ARDL) model.To the best of our knowledge, there are no available studies in Pakistan that use ARDL estimates to test the link between tourism and growth, (Anser et al. 2020e), (Anser et al. 2020d), (Anser et al. 2020b) and (Anser et al. 2020f) and (Anser et al. 2020a).
Pesaran and Shin (1999) and Pesaran et al. (2001) proposed the ARDL cointegration technique ( 2001).The ARDL estimator is being used by the researchers because of its many benefits.It does not, for example, require that all data series under consideration have the same integration order, and it works regardless of whether the regressors have an I(0) or I(1) order of cointegration.According to Pesaran and Shin (1999), ARDL estimators produce true parameters in small sample sizes when compared to Johansen and Juselius's cointegration technique, and ARDL estimators' coefficients are super consistent.As a result, in our case, with 40 annual observations, this is more relevant.In addition, because the ARDL framework is free of residual correlation, endogeneity is less of an issue (Asif et al. 2020), (Sarker et al. 2020), (Iram et al. 2020a;Sun et al., 2020;Tehreem et al. 2020).The ARDL method, according to Pesaran and Shin (1999), can differentiate between explanatory and dependent variables.The assessment is possible even when the explanatory variables are endogenous (Pesaran andPesaran, 1997, Pesaran et al., 2001).This is a critical issue in the tourism and growth nexus, as the literature shows a mixed picture of the causality between tourism and economic growth.As a result, this study uses ARDL modeling.The ARDL is presented as follows in equation 4: The expression from λ 1 to λ 7 on the right-hand side depicts the long-run relationship between the variables, whereas the expression from α 1 to α 7 with the summation signs depicts the shortrun dynamics of the variables.In contrast, 0 denotes the drift constant, and t denotes Gaussian white noise.ARDL bounds testing yields complete results for short-run and long-run dynamics after a series of steps and procedures.In the first step, Eq. ( 4) will be estimated using the ordinary least square (OLS) method, and an F-test will be used to determine whether the variables in Eq. ( 4) have a long-term relationship (3) (Liu et al. 2020), (Lin et al. 2020) and (Jun et al. 2020).
Pesaran et al. provided upper and lower critical values, which are compared to the calculated F-statistics value (2001).Regardless of whether the variables are I(0) or I(1), if the calculated F-value exceeds the upper critical value, the null hypothesis of no cointegration is rejected (1).The R2 criterion, Hannan Quinn Criterion, Akaike Information Criterion (AIC), and Schwarz Criterion will be used to estimate long run relationships using the selected ARDL model in the second step (SBC).In the third step, we calculate the following error correction model.

Variable Selection
Dependent variable: the dependent variable in this study is GDP.Tourism industry should have an impact on the quantitative measure of the economic development, gross domestic product (GDP) and other economic indicators.As a result, a specific literature should need to developed in order to measure the impact of tourism upon GDP to deal with measuring how tourism contributes to economic growth so that the policy makers and government representatives should design the policies to facilitate the tourist from all over the world.

Results and Discussion
Table 2 provides the descriptive statistics of the selected variables.Marine tourism connected with ocean and coastal conservation is one of the major issues that need to be addressed immediately.Tourism is inherently contentious about its cost and benefits.Eco-Marine tourism is a new trend that is suitable for sustainability.This paper provides an argument that adds fuel to the idea that marine tourism needs careful policy analysis, preparation and public education (Siegel 2011).Figure 2 provides the correlation among the selected variables.The comparative analysis and review of their effectiveness in stimulating and promoting technological innovation in the marine sector across the industry is required (Chien, Pantamee, et al., 2021).The role of central and regional governments in cluster innovation activities can be studied particularly from the following perspectives:  The coral reef tourism industry's annual production value is valued at US$ 36 billion.

Unit Root Test
The main advantage of the ARDL estimator is that it can be used without considering friction cointegration or I(0), I(1) data sequences.However, Ouattara (2004) proved that, due to the views of Pesaran et al. ( 2001) ARDI estimates may not be applicable to any data sequence generated by I(2) processing or higher.explicitly mentioned the hypothesis, assuming that the order of the hypothesis variable for the ARDL boundary test is (0) or (1) integer.Therefore, it is still necessary to test the smoothness.To this end, the enhanced Augmented Dickey-Fuller (ADF) estimator is applied to check the stationary process of the data series.The findings of the ADF test are shown in Table 3.It is obvious from the Augmented Dickey-Fuller findings that some data sets are integrated through I(0) or I(1).The important thing is that all data sequences are not I(2) or higher.Therefore, we have reason to use ARDL estimator.
To establish the long-run relationship between economic growth and tourism, we can use ARDL bounds testing procedures because the unit root test confirms that none of the series are integrated of I(2).For this, we use the OLS estimation procedure to estimate Eq. ( 4) and compute joint F-statistics.Table 3 displays the computed F-statistics as well as the critical values proposed by Pesaran et al. (2001) for various levels of significance.The F-statistics is well above the critical value at a 5% level of significance.As a result, there is evidence that the variables have a strong long-term relationship.When the ADF test is performed using the first difference, the insignificant supposition is generally rejected at a significance level of 1% or 5%, implying that the data converts into a stationary shape with the first difference.In general, non-stationary series exist at the conventional time level, despite the fact that all series are stationary at the first difference.

Long Run Test
The long run estimates of Eq. ( 4) are then estimated using the ARDL co-integration technique.In order to find the coefficient of the level of variables, we estimated the model using various criteria such as the criterion, Hannan Quinn Criterion, AIC Criterion, and SBC Criterion.All models produced nearly identical long and short run results.As a result, we only show the results of models that were chosen based on the AIC criterion, as (Akadiri et al. 2019) demonstrated that AIC outperforms other criteria when the time span is less than 60 observations in a Monte Carlo experiment.
Table 4 shows the results of the long-run estimates.The findings indicate that all the variables are statistically positive at 1% significant level.The tourism earning is statistical statistically positive at 1% significant level.It means in the long run, a 1% increase in international tourism earning leads to a 0.22 percent increase in economic growth (GDP).The finding supports the tourism-led growth hypothesis, which states that improvements in inbound tourism can lead to increased economic growth.Our findings are consistent with those of recent empirical studies (Sokhanvar 2018; Kumar 2019; Ranasinghe et al. 2020).This finding confirms the early co-integration between tourism and economic growth and shows the pace of adjustment from a short-to long-term equilibrium path.The results show that tourism has a statistically significant positive impact on economic growth.According to the model the principle of the minimum SBC value, we choose the ARDL (1, 0,1) model and the long-term impact estimation is shown in Table .4.Obviously, our model fits very well with the statistically significant independent arguments of the data.
Further the study used important control variables such as international trade, capital invested, money supply, financial development and exchange rate.Table 5 shows the results of control variables, the coefficient of trade is positive and statistically significant at 1% significant level.It shows that 1% increase in international trade leads to 0.31% increase in economic growth.Our results are in line with (Akadiri et al. 2019), they find that the improvement in the international trade will lead to higher level of economic growth.Next the coeffect of capital implies that 1% increase in helps to 0.24% rise in economic growth.Further money supply, financial development and exchange rates have positive impact at 1% significant level.The 1% increase in the money supply, financial development and exchange rates leads to o.02%, 0.45% and 0.34% rise in economic growth.Source: Author's own calculation by using E-Views 5 Note. * indicates significant at the 1 percent level.

Short Run Test Estimation
Table 5 shows the short run analysis results as well as the coefficient of error correction terms.When compared to the long run, the short run results are nearly identical in terms of signs and are consistent with a priori expectations.Short-run estimates, on the other hand, have smaller magnitudes than long-run estimates.This result suggests that the variables we chose have a greater long-term impact on economic growth.Source: Author's own calculation by using E-Views 5.
The calculated values of the F statistics given in the last row of Table 6 are statistically significant at the 1% significance level.This means that the overall adaptability of the model used is good.For this model, the results of Durbin-Watson's statistic value is less than 2, which indicates that there is no autocorrelation problem.In addition, the R square value is 0.908, which indicates that these independent individuals can expand economic growth change information in a short period, and other factors can be interpreted as 66%.In addition, due to structural changes in the country, Nepal's macroeconomic series may have witnessed structural breakthroughs.This result corroborates a similar finding of (Ohlan 2017).
The ARDL analysis indicates that the short-term difference in the long-term equilibrium of economic growth is adjusted by 2.95% annually.It can be seen that tourism is also the engine of economic growth in the short term.Further 1% increase in Per capita international tourism income has increased by GDP (per capita) has increased by 4.25%, and other conditions have remained unchanged.In the short run, the financial development coefficient can be ignored (Gautam 2008), (Iram et al. 2020b), (Alemzero et al. 2020b), (Sun et al. 2020a) (Alemzero et al. 2020a).
In this manner, the national travel industry needs a stable political, legitimate and monetary framework inside which it can work, which will give the travel industry exercises authenticity (Korstanje and Tarlow 2012).Universal vacationers become progressively on edge about the well-being and security while their occasion as opposed to residential travelers since they do not have a place with the nation they visit.A cataclysmic event causes the declination of vacationer landings in the affected zone and made the negative picture to the guest and pushing them away from the goal (Massé 2016).Political insecurity is significant in the travel industry.There are not many investigations that have exhibited the negative effect of fear mongering on the travel industry.Hitchcock and Wesner (2008) found that political unsteadiness significantly affects the travel industry request in both created and creating nations.The outcomes showed that the travel industry in nations with less hazard inconstancy isn't hurt by the hazard.Then again, chance impacts entries in poor and rich nations, its effect on returns in rich nations is more than poor on.

Linear Shipping Connectivity Index
Linear shipping connectivity index (LSCI) is a global shipping network connectivity index (Bartholdi et al., 2016).This index has five components: (I) the number of ships (ii) the container carrying capacity (iii) the size of the vessel (iv) the number of services provided by ships (v) the number of companies with containers available for execution (Balogh and Jámbor 2017).The connectivity index is calculated by the value of each component separated by the base year 2004 for the maximum value of each component.Likewise, the average value of each variable is obtained and divided by the base year 2004 overall average value, and multiplied by a value of 100.This paper explores the reduction in freight rate due to developed port infrastructure that includes the length of the berth, storage capacity and port areas (figure 3).The study also found that numbers of ports are taking more advantage of their geographic location.Few other measures, such as reducing transport costs and improving shipping services, could improve transport connectivity and competitiveness in trade.(Gao et al. 2019) analyzed the effect of liner shipping connectivity on short-term and long-term bases of trade flows in the South African economy.With 142 trading partners this work takes into account factors such as trade sailing distances, GDP and direct air distance.This study concludes that the positive effect of the common direct connection number and the level of competition on the trade flows is significant.However, the number of transshipment and sailing distance has a negative impact on both short and long-term trade flows (Khan et al. 2019) and (Jansen and Jonker 2018).
One of the noteworthy findings that emerge from this research study is that countries do not need to plan ever larger ships or vessels for their competition in foreign trade.This index comprises different dimensions including regional integration, trade and investment, infrastructure and connectivity, value chain of the region and free movement of people.While other dimensions include money and finance and institutional and social integration.This study concludes that Asia is found to be well integrated into communication, commerce and free movement of people while Asia lags in institutional and social dimensions (Susanto 2019) and (Jermsittiparsert and Chankoson 2019).
According to (Gössling et al. 2018) biological sciences can be used to study the evolution of ocean star clusters.Changes in the performance and composition of maritime clusters reflect their various roles in different regions and periods, so four types of maritime clusters can be identified: (i) In the first category, maritime activities within the cluster are concentrated in Port (cargo handling) function) and transportation function.In global regional supply chains, maritime clusters have a special role because they can process and distribute information.
Offshore clusters are considered hubs of the supply chain in the global or regional economic and commercial markets.The best examples of such maritime clusters are in Rotterdam, Hong Kong and Singapore (Horng and Tsai 2012) and (Wong et al. 2008).The fourth-generation cluster appeared in the 1990s and is physically separate but interconnected via a common operator or department for management.This is due mainly to the vertical and horizontal integration which transport operators have adopted.These are service centers (ship financing, maritime law, marine insurance, ship registration, ship leasing, shipbrokers) and can support very remote customers, a good example is London (Yeung et al. 2004) and (Khan et al. 1990).

Figure 3. Liner Shipping Connectivity Index of each country
A Commitment to Sustainable Growth in the Caribbean," and in the process helped shape new policies and investments in the region.We are beginning to see many good examples of these companies investing directly in the health of coral reefs that they know can support their businesses.The number and size of the fish within this reserve has increased significantly, supporting coral reefs around the surrounding island (Sun et al. 2020b).Its economic value as well as the value of fish processing, carbon stockpiling and coastal protection.By revealing where and how revenue is generated, MOW's graphs and tools can help companies fully understand the natural systems that support their business and make new investments (Mohsin et al. 2019b).
The idea of focusing on nature is not a new concept, but MOW's comprehensive and focused experience provides the travel and tourism industry with an opportunity to lead the private sector and institutionalize natural values into business practices and corporate sustainability.Once we know when we need it, we will take advantage of the business opportunities that exist and begin a wider campaign for innovation and sustainable development.The ocean occupies more than two-thirds of the earth's surface, provides food, and resources, produces oxygen, absorbs greenhouse gases, tracks climate change, establishes weather patterns and temperatures, and serves as a highway for international maritime trade.
In fostering sustainable development, economic growth and livelihoods, the ocean will play an important role (Mohsin et al. 2019a).It is aimed at expanding coastal States ' economic borders beyond their territories.The marine economy includes a sustainable economy that targets the marine environment, associated biodiversity, ecosystems, species and genetic resources, including marine organisms (from fish, algae to micro-organisms) and offshore natural resources while ensuring their sustainable use.The value of the global marine economy is estimated to be between 3-6 trillion US dollars per year and more than 3 billion people depend on the oceans for their livelihood.
UNCTAD supports developing countries in identifying opportunities and challenges that the marine economy may present.It also supports national trade and other competent authorities in the design and creation of an enabling policy and regulatory environment to promote the development and development of the sustainable marine economic sector through the definition and implementation of national and regional marine economic and trade strategies.The strategy's goal is to achieve convergence and reinforcement of various linkages and phases of selected value chains at the national level to enter domestic, regional, and international markets.The content of the draft strategy and action plan was based on feedback obtained in 2018 during the first national workshop for stakeholders.The draft action plan will include a set of strategic steps aimed at executing the strategy, a list of key participants and stakeholders, an implementation timeline and an estimation of the required resources.
Following debate, review and approval of the OETS report and action plan, UNCTAD and DOALOS will collaborate with the Commonwealth Secretariat to obtain Belize's support for the implementation of 1-2 identified priority measures within their mandates.Everything lessons learned in Belize and other recipient countries (Costa Rica and Barbados) will be discussed at the fifteenth UNCTAD regional event in 2020, likely in Barbados.

International inbound tourists
The overall number of visitors who fly to a destination country other than their regular residence are foreign inbound tourists (see table 7).The visitors ' visit to the place of destination does not exceed 12 months.And the object of the visit is a non-earnings and remuneration operation.A measure of the same-day tourists, cruise and air passengers and cruise participants is used as a number of tourist arrivals when there is a lack of data availability.Large data are gathered from tourism accommodation facilities.In different countries, however, the number of arrivals and their calculation is different (Hamilton et al. 2015).The number of arrivals is generally not considered to be the number of people who fly.Every time a person who is supposed to make multiple trips to a particular country within a given period is counted as a new arrival.There's no hard distinction between current industries and new ones.In some countries, coastal aquaculture is already mature, but on an industrial scale, it has become a high-tech and technology-intensive operation and hopes to expand more offshore activities; huge advances in satellite The cruise industry is focusing on new destinations like the Arctic and Antarctica.The division into mature and emerging industries nonetheless provides a pragmatic and manageable approach to the project.The structure of the global shipping sector will experience major changes in the coming decades.This is partly because of global economic growth and increasing demand.For example, container shipments tend to continue to grow rapidly in the shipping sector and container shipments could triple by 2035.While aquaculture will be the   (Hendijani, 2015).A healthy ocean is important not only to our environmental health but also to promote economic growth, job creation and poverty eradication (Li et al., 2021;UN Environment, 2017).Recognizing the great potential of the blue economy, world leaders and scientists conducted a strategic discussion on the future of our oceans at the first Sustainable Blue Economy Conference held in November 2018 in Nairobi, Kenya (EU Commission Maritime Affair, 2015;Mayer et al., 2016;Potgieter, 2018).
The planet should improve the health of the seas, and the oceans, lakes, rivers and habitats they sustain are rapidly under pressure and global decline (Focardi et al. 2006).Marine economic activity management must be put in the physical environment in which it operates: a flowing, buoyant three-dimensional environment that covers two-thirds of the earth's surface (Yang et al. 2021), (He et al. 2020) and (Mohsin et al. 2020b).The obvious (in some cases less apparent) variations between land and sea are significant in how to handle human activities in two distinct environments.Nonetheless, although these differences affect the environment and marine operational outcomes, many of the concepts and technologies used in marine planning and management are often borrowed from land practices.
Marine industry the sectorial scope of the marine economy in marine economic research varies greatly from country to country (Ikram et al. 2019a), (Sun et al. 2019) and (Ikram et al. 2019b).
Those sectors may be removed from the marine economy in one country but not in another.
The definitions of the classifications and divisions used, however, vary greatly from country to country.There are no definitions and statistical terms agreed internationally for marine activities (Park, 2014).In 2010 the maritime industry directly contributed about 31 million fulltime jobs, accounting for about 1 percent of the global workforce (about 1.5 percent of global active employment).

Conclusion and Policy Implication
The objective of this paper is policy-based analysis of ocean and marine economy and tourism of south Asia through ARDL regression analysis over the period of 2000 to 2017.The findings of the study reveal that tourism earning is statistically positive at 1% significant level, which indicate in the long run, a 1% increase in international tourism earning leads to a 0.22 percent increase in economic growth (GDP).The finding supports the tourism-led growth hypothesis, which states that improvements in inbound tourism can lead to increased economic growth.Further the findings showed that the short run results are nearly identical in terms of signs and are consistent with a priori expectations.Short-run estimates, on the other hand, have smaller magnitudes than long-run estimates.This result suggests that the variables we chose Through protecting the local ocean and marine resources, economic benefits of coastal and marine economy and marine tourism can be achieved.Sustainable marine tourism will help protect the environment and contribute significantly to sustainable economic growth Ocean economy and tourism policy implications also include ensuring that every person abides by the same law in protecting marine resources.Ensure rules that hotels, businesses and residents are not contributing to littering and polluting the marine environment.MPAs are the tourist destinations of greatest attraction.Tourists enjoyed visiting endangered species and beautiful beaches inside well-managed MPAs.Tourists would charge a visit fee that would support local communities in their protection and wellbeing.Another way of increasing the economic benefits of the ocean and marine economy and tourism is by pursuing "self-governance in the environment."

Policy Implication
It is clear that when tourists leave the fishing or aquaculture industries, they cannot accommodate the locals in terms of economic well-being.Therefore, it is imperative that when the tourism industry is offered and prioritized by the community, the people dependent on this resource will be made habitable and eligible.Security measures were not taken before the risky aspects of the society and full tourism was arranged and a step had to be taken before designing measures for the development of tourism.The ecosystem is more valuable if the two industries work together.But, in most communities, self-deprecation measures have to be limited.It is experienced that, with low literacy levels, poor organization, communication is impaired and problems need to be understood and communicated.Thus, assistance from the government is needed in the early stages.For fishermen and aquaculture people, there was no difference between training programs (wildlife care or hospitality training) in which they were part of the tourism manpower.Such a curriculum not only makes it difficult for locals to take advantage of the difficulty of fasting but also enables them to preserve awareness of natural information.
It is not just a demonstration of tourism but also a regional economy that seeks to diversify the economic well-being and employment protests of local villagers.This requires proper planning, monitoring, and implementation.For example, the MPA's decision on land-bound fishermen may not be of any use to the fishermen's consensus.In other words, if there is a history of tourism promotion, the traditional activity stores do not know anything about the priority of this, but it is important to mention that other resource-based consumers are also involved in promoting it.
This work regularly describes the economic activities that take place in the marine environment, and separates these activities from South Asia's national accounts, and estimates that the activities in the maritime economy affect the Asia economy.Become a big part.That's the ratio that was previously thought.Therefore, this article demonstrates the feasibility of the maritime economy and has many important implications for maritime policy.
First, the estimate could provide a "blue" region for growth measures and maritime industrial strategy.Adopting this systematic approach for the next edition of tourism will provide a global comparison of economic activity in these sectors while using this approach to include emerging maritime sectors in future estimates.
Second This finding is important in light of South Asia's strategic initiative to produce low-carbon energy.However, many offshore wind farms are still being built and it is expected that technologies will be rapidly acquired in these areas, so the ongoing impact of offshore winds on the economy should be constantly monitored.
Third, this estimate can form the basis of the view of marine natural capital because the economic sector is not separate, therefore economic activities have to be linked to aspects of marine natural capital.The natural capital approach links the state of environmental assets to the socio-economic benefits they can provide to society, and are essential for policy-making in Asia.Emerging research linking the economy to natural capital can reflect the effects of policy on the environment and the economy and is expected to improve understanding of trade relations between the economy and the environment.The implementation of the natural capital approach is still in its early stages, although there are plans to issue natural capital accounts for the maritime area, which would enable a link between the natural capital accounts and the maritime economy sectors.
Fourth, this assessment may add to the evidence used in maritime planning and environmental impact studies.Baseline assessments are currently used in marine projects for employment and maritime planning.However, certain departments have low levels of confidence, and basic research recognizes that detailed studies of marine economic activities will explain the involvement and connections between maritime planning departments.
Therefore, our systematic approach can be used to improve the basic estimate of maritime projects by providing the latest estimate of multiplication.The Marine table developed here can also be scaled up to specific areas of Asia.therefore, the production in and coastal project areas.Can be estimated.So that it can be used as an economic basis.The economic sectors described in this study have been mapped for those used for maritime planning and are included in the additional material.
Finally, our method of purposefully assessing the impact of economic activities on the maritime sector can help strengthen maritime policy and evidence.Despite its limitations, this estimate can help policymakers and planners better understand the economic impact of maritime activities.At the same time, continued use of this method may help assess the impact of changing structures on the marine economy and determine its impact on employment.Future research may improve or update this estimate, apply it at the regional level, or incorporate the result into a natural capital model to investigate the trade relationship between the economy and natural capital production.There are also extensive contributions to other locations found in this study that are based specifically on the need to reach activity store trips.Future local offerings must mobilize local people to participate in support programs and tourism activity stores should be the style of their events.

Compliance with ethical standards
Competing interests: The authors declare that they have no competing interests.

Figure 1 .
Figure 1.Terrestrial and Marine Protected Areas (% of Total Terrestrial area) (World Bank 2018) Variable: (a) GDP: (a) Tourism Earning: During the past few years, the traveling business has practiced continuous growth and excavating variation, becoming one of the depraved rising financial sectors at international level.Contemporary traveling is thoroughly associated with the growth and contains progressively new destinations of travelers.These forces have made tourism the main driver of economic and social advancement.The data for tourism earning is collected from world bank (Yousaf et al. 2020), (Tehreem et al. 2020), (Wasif Rasheed and Anser 2017) and (Xu et al. 2020).Trade: the data for total volume of trade is collected from world bank and statistical year book of each country.(c) Exchange Rate: The exchange rate is determined autonomously of the economic growth rate.The exchange rate will affect financial growth and similarly the economic growth rate will affect the exchange rate, (d) Financial Development and Money Supply: In short, tourism and financial development are positively correlated and statistically important in relative to economic growth.In other words, the increase in tourism and financial development will ensure the rise in financial growth in the long run.(e) Money supply: Money supply bring up the amount of money accessible in the host country, which may have a complex association with financial development, customer spending, and finally traveling demand.Further, the data for each variable is collected from world bank data source and statistical year book of each south Asian courtiers from 2000 to 2017.

Figure 2 .
Figure 2. Correlation matrix of the selected variablesAn international network began to be established to exchange views and experiences in

Figure 4 .
Figure 4. Total number of tourist's arrival and environment Ahmad et al. (2019) drew up tourism as a double-edged sword that contributes to economic have a greater long-term impact on economic growth.A recent study published in the Journal of Ocean Policy by the Ministry of Oceans and Oceans shows that coral reefs around the world support 70 million trips a year and make these reefs a strong tourism driver.Overall, coral reefs are bringing $36 billion annually in economic value to the world.Of this $36 billion, $19 billion is real "on-reef" tourism, such as diving, snorkeling, glass bottom boating, and watching wildlife on the reef.The remaining $16 billion comes from tourism in the "close coral reefs," which involves other activities from admiring beautiful views and beaches to local seafood, boarding paddles and sheltering the surrounding reefs.

Table . 1
Marine Protected Areas (% of terrestrial water) from 2016 to 2018

Table 3 .
Unit root tests

Table 4 .
Long Run Estimates from ARDL Model Table 6 presents the results of LSCI, among south Asian countries, LSCI value of Sri Lanka is (47.21) while India is at second position and Pakistan at third.The U.N.

Table . 7
main driver of total production, global fisheries output is expected to increase by around one-553 fifth over the next decade.Although it has improved in recent years, due to the lack of strict Number of Tourists Arrivals 561