Tourism adds $7.2 trillion to world economy

Sector accounts for almost 10% of global GDP
Tourism added 7.2 million jobs to the global economy last year and contributed over $7.2 trillion to worldwide GDP, or 9.8% of global GDP, the World Travel & Tourism Council says in its Economic Impact Report 2016.
David Scowsill, the council’s president and CEO, noted the sector’s significant 3.7% growth and resilience despite uncertainty in the global economy and challenges to the sector last year, including “terror attacks, disease outbreaks, currency fluctuations and geopolitical challenges”.
He added: “Travel and tourism also supported a total of 284 million jobs in 2015, an increase of 7.2 million, which means it now supports, directly and indirectly, one in 11 jobs on the planet.”
The sector’s direct contribution to GDP growth outpaced overall GDP country growth in 127 of the 184 countries covered by the research. This trend was most marked in countries such as Iceland, Japan, Mexico, New Zealand, Qatar, Saudi Arabia, Thailand and Uganda.
The growth of the sector is attributed to a worldwide increase in the number of middle-class households, an ageing population, which tends to travel more, and growing connectivity between destinations, making travel more accessible and affordable.
While all regions of the world showed growth in GDP contribution, Southeast Asia was the fastest growing with a 7.9% rise, followed by South Asia, which grew 7.4%. Tourism in Europe grew by a comparatively weak 2.5%.
TTG Asia

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