The World Travel and Tourism Council (WTTC) releases an annual forecast of the economic impact of the World Travel & Tourism sector. Across 184 countries and 24 regions for 2015, these forecasts indicate this sector is still growing rapidly.
During 2015, the world is expected to attract 1.172 billion international tourist arrivals, spending US $1.423 billion. According to the WTTC, this is 2,8% more than in 2014,
According to WTTC, with the sector expected to grow by 3,7 per cent, the industry will also demonstrate its persisting ability to create jobs and contribute to the global economy this year.
In 2014, the industry contributed US $7.580 billion in GDP and 277 million jobs to the global economy. The expected growth in 2015 demonstrates the sector’s capacity for creating jobs at a faster rate than the global economy, which is expected to grow by 2,9 per cent in 2015.
WTTC predicts that China and the U.S. will remain the two biggest Travel & Tourism economies in the world, but Germany has surpassed Japan to rank as the third largest. South Asia is expected to experience the highest growth in 2015 at 6,9 per cent, while Europe and Latin America have the lowest forecasted growth rates at 2,4 per cent.
David Scowsill, President & CEO of WTTC, says, “Travel and tourism’s impact on the economic and social development of a country can be enormous; opening it up for business, trade and capital investment, creating jobs and entrepreneurialism for the workforce and protecting heritage and cultural values.”
“The long-term prospects for our sector are very encouraging. Travel and tourism will continue to grow faster than the global economy and most other major industries,” adds Mr. Scowsill.
Long-term forecasts for Travel & Tourism predict an annual growth of 3,8 per cent over the next decade. By 2025, the World Travel & Tourism sector is expected to create 357 million jobs – 73 million more jobs than this year.
For full details on the annual report, see the WTTC website.