TRAVEL and tourism is set for a milestone year as the industry’s direct contribution to the global economy is expected to pass $2 trillion in GDP and 100 million jobs.
According to research by the World Travel & Tourism Council (WTTC), the global travel and tourism industry will grow by 2.8 per cent in 2012, marginally faster than the global rate of economic growth, predicted to be 2.5 per cent.
This rate of growth means that Travel & Tourism industry is expected to directly contribute $2 trillion to the global economy and sustain some 100.3 million jobs.
When the wider economic impacts of the industry are taken into account, Travel & Tourism is forecast to contribute some $6.5 trillion to the global economy and generate 260 million jobs – or one in 12 of all jobs on the planet.
In 2011, Travel & Tourism’s total economic contribution, taking account of its direct, indirect and induced impacts, was $6.3 trillion in GDP, 255 million jobs, $743 billion in investment and $1.2 trillion in exports. This contribution represented nine per cent of GDP, one in 12 jobs, five per cent of investment and five per cent of exports.
David Scowsill, president & CEO of WTTC, said: “In 2012, when international travellers are expected to surpass one billion for the first time, the industry will pass two other major milestones: a direct contribution of $2 trillion to the world economy and 100 million jobs. But these numbers are dwarfed by the total forecast contribution of our industry – $6.5 trillion to the global economy and 260 million jobs.”
Over the medium-term, the prospects of the industry are even more positive with average annual growth expected to be four per cent through to 2022 by which time Travel & Tourism will employ 328 million people – or 1 in 10 of all jobs on the planet.
Scowsill continues: “It is clear that the Travel & Tourism industry is going to be a significant driver of global growth and employment for the next decade. Our industry is responsible for creating jobs, pulling people out of poverty, and broadening horizons. It is one of the world’s great industries”.