Tourism generated one in 10 jobs worldwide – WTTC; as sub-Saharan African registers 2.4% growth

Posted: March 20, 2017 in general
Tags: ,

SavedPicture-201612522152.jpgThe Travel & Tourism industry generated 1 in 10 of the world’s jobs in 2016 as the sector grew by 3.3 per cent, outpacing the global economy for the sixth year in a row, according to a new report by the World Travel & Tourism Council (WTTC).

WTTC’s Economic Impact Report 2017, which is conducted in conjunction with Oxford Economics, researches the economic impact of Travel & Tourism impact on global level, for 25 regions, and 185 countries.

According to the research, Travel & Tourism grew by 3.3 per cent in 2016, generating US$7.6 trillion worldwide, which is 10.2% of global GDP when the direct, indirect and induced impacts are taken into account.

The sector supported a total of 292 million jobs in 2016, which is 1 in 10 of all jobs in the world.

Additionally, 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.

“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.

“The continuous growth of our sector underlines the significance of business and leisure travel in driving economic development and job creation throughout the world,” said David Scowsill, President & CEO, WTTC.

Southeast Asia (8.3%) was the region with the fastest growing Travel & Tourism sector in 2016, driven by the expanding Chinese outbound market and the countries own growing markets. Latin America (0.2%) was the slowest growing region. Some countries performed well above the world average, but the Brazilian economy dragged down the whole region.

The other regions registered the following growth: 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 & Tourism is expected to grow by 3.8% in 2017, generating US$ 7.9 trillion. This growth is slower than previously forecast, as a result of a downgrade to the global economy and a dampening of consumer spending.

Over the next decade the sector is forecast to grow at an average of 3.9% per year. By 2027 it will generate more than 11% of the world’s GDP and employ a total of 380 million people. One quarter of all jobs created in the next decade will be supported by Travel & Tourism.

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s