The purpose of this article is to investigate the effect of tourism on economic growth. Our analysis covers 133 countries over the period 1995 to 2007, including 32 countries highly dependent on tourism during that period. The results show that specialization in tourism per se had no significant effects on economic growth. However, countries that are both highly dependent on trade and on tourism tend to report significantly lower growth. These findings are consistent with tourism having an effect analogous to the Dutch disease.