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INTERNATIONAL. The World Travel & Tourism Council (WTTC) has forecast that the industry’s contribution to global GDP will grow by +3.7% in 2015, with its employment contribution to increase by +2.6%.
The forecast growth rate is faster than that of the global economy (+2.9%) and will see the travel & tourism sector contribute US$7,860 billion – 10% of global GDP – once all direct, indirect and induced impacts are taken into account. The sector will also account for 284 million jobs – 9.5% of total employment.
In 2014, the industry contributed US$7,580 billion in GDP and 277 million jobs.
The USA and China are forecast to retain their rankings as the world’s two biggest travel and tourism economies while Germany has overtaken Japan to become the third largest.
South Asia is expected to experience the highest growth in 2015 at +6.9%, while Russia is the only G20 country expected to register a decline, a result of sanctions and the devalued Rouble.
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Source: World Travel & Tourism Council Economic Impact Report 2015 |
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Direct contribution of travel and tourism to GDP. Source: World Travel & Tourism Council Economic Impact Report 2015 |
Long-term forecasts from WTTC show continued annual growth at +3.8% over the next ten years to US$11.4 trillion, with the global travel and tourism sector expected to contribute 357 million jobs by 2025.
WTTC President & CEO David Scowsill said: “At a time of global economic challenges, travel and tourism continues to grow faster than the global economy and is an enduring source of job creation and a driver of growth for every region in the world.
“Our annual research demonstrates that the sector has recorded strong economic growth in 19 out of the last 20 years, providing much needed economic stability at a time of global economic volatility.”
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Source: World Travel & Tourism Council Economic Impact Report 2015 |
He added: “Governments looking for a sector which can create jobs and drive economic growth should focus on travel and tourism. This industry requires the right regulatory environment in which to flourish, along with progressive policies on visa access, taxation, human resources planning, and sustainability.”
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Direct contribution of travel and tourism to employment. Source: World Travel & Tourism Council Economic Impact Report 2015 |
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Source: World Travel & Tourism Council Economic Impact Report 2015 |
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Source: World Travel & Tourism Council Economic Impact Report 2015 |
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A breakdown of 2014 figures and 2015 forecasts by category. Source: World Travel & Tourism Council Economic Impact Report 2015 |
