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Published on : Monday, April 17, 2017
As per a new report by the WTTC, travel and tourism generated 1 in 10 of the world’s jobs in 2016. According to the report, in 2016, travel and tourism grew by 3.3%, generating $7.6trn worldwide, which is 10.2% of global gross domestic product (GDP). The travel and tourism sector supported a total of 292 million jobs in 2016, which is 1 in 10 of all jobs in the world.
According to WTTC President and CEO David Scowsill, this is the sixth year in a row that travel and 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.
Southeast Asia was the region with fastest growing travel and tourism sector in 2016, fuelled by expanding Chinese outbound market and countries’ own growing markets. Latin America was the most sluggish region. The other regions registering growth are 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%).
Travel and tourism is expected to grow by 3.8% in 2017, generating $7.9trn. Over the next decade, the sector is predicted to grow at an average of 3.9% per year. By 2027 it will produce more than 11% of the world’s GDP and employ a total of 380 million people.