2015 has seen many challenges and setbacks for the travel and tourism industry. From the outbreaks of MERS in South Korea and Ebola in West Africa, natural disasters such as the earthquake in Nepal and volcanic eruptions in Indonesia, deadly warfare in Syria and Ukraine, and attacks of terrorism in Tunisia, Egypt, Lebanon, and Paris, France, it hasn’t been an easy year.
But according to the World Travel and Tourism Council’s (WTTC) annual autumn update to its Economic Impact research, the global tourism industry is expected to grow by a significant margin, reported TTG Media.
WTTC estimates that the sector’s total contribution to the world economy this year will be $7.8 trillion, and support 284 million jobs around the world.
“Travel and tourism is a tremendously resilient sector,” said David Scowsill, president and chief executive of WTTC.
“Despite a number of terrible regional incidents throughout the year, the sector will still grow 1% faster than global GDP in 2015.”
The fastest growing tourism region, according to WTTC’s data, is South Asia. The region can anticipate a 7.7% growth in the tourism sector, largely due to the industry’s growth in India.
Latin America, on the other hand, is expected to be the slowest growing travel and tourism region, with a low-level growth of 1.7%. The slow down is predominantly caused by the slowdown of the Brazilian economy, WTTC said.
Over the next ten years, travel and tourism is anticipated to contribute $11.3 USD trillion in GDP to the world economy, creating an average of 1 in 10 jobs on the planet.