Published on : Wednesday, March 22, 2017
In 2016, travel and tourism fetched 1 in 10 of the world’s jobs and the sector saw a 3.3% growth. The WTTC said that it outpaced the global economy for the sixth year in a row. According to the WTTC’s research, travel and tourism grew by 3.3% in 2016, generating USD7.6 trillion worldwide, which is 10.2% of global GDP when the direct, indirect and induced impacts are taken into account. The tourism sector supported a total of 292 million jobs in 2016, which is 1 in 10 of all jobs in the world.
Global visitor exports, which is money spent by foreign visitors, accounted for 6.6% of total world exports, and almost 30% of total world services exports. To quote David Scowsill, WTTC President and CEO, “This is the sixth year in a row that Travel & Tourism has outpaced the global economy, showing the sector’s resilience, and the eagerness of people to continue to travel and discover new places, despite economic and political challenges across the world.” He added, “The continuous growth of our sector underlines the significance of business and leisure travel in driving economic development and job creation throughout the world.”
In 2016, Southeast Asia registered 8.3% growth as the fastest growing travel and tourism sector. It was driven by the expanding Chinese outbound market. Latin America registered the slowest growth with 0.2%, with Brazilian economy dragging down the entire region. Other regions registering growth were South Asia (7.9%), North East Asia (4.6%), Oceania (4.4%), the Caribbean (3.2%), North America (3.1%), the Middle East (2.7%), Sub-Saharan Africa (2.4%) and Europe (1.6%).
In 2017, travel and tourism is expected to grow 3.8%, generating USD7.9 trillion. Over the next decade, the sector is expected to grow at an average of 3.9% per year. By 2027 it will create more than 11% of the world’s GDP, employing a total of 380 million people. To quote Scowsill once again, “The UN’s 2017 International Year of Sustainable Tourism for Development is a perfect opportunity to explore solutions together. We look forward to welcoming delegates at our upcoming Global Summit in Bangkok, Thailand, 26 to 27 April where these challenges will be addressed.”