The
Travel & Tourism industry has outperformed the global economy in
2012 – growing faster than manufacturing, retail, financial
services and communications.
The
industry has grown its total contribution to GDP by 3% and increased
the number of jobs by five million to 260 million. It means that, for
the first time, one in 11 of all jobs in the world are now supported
by Travel & Tourism. More than 10% of all new jobs created in
2012 were from the industry.
According
to the World Travel & Tourism Council’s (WTTC) economic
research, in 2012, Travel & Tourism’s total economic
contribution - taking account of its direct, indirect and induced
impacts - was US$6.6 trillion in GDP (a rise of US$500 billion
year-on-year), US$765 billion in investment and US$1.2 trillion in
exports* (all 2012 prices). This contribution represents 9% of total
GDP, 5% of total investment and 5% of world exports.
Among
the 20 largest global economies (the G20), South Korea, China, South
Africa and Indonesia performed best. Growth of less than 1% in Europe
and 2% in the United States was counter-balanced by 10% growth in
South Korea, 7% in China and South Africa and 6% in Indonesia.
WTTC
is predicting the Travel & Tourism industry will expand its total
contribution to GDP by 3.2% in 2013, faster than the 2.4% predicted
for global economic growth. The industry is expected to support
nearly 266 million jobs in 2013 and again outperform many other
industries.
David
Scowsill, President & CEO of WTTC, said: “2012 demonstrated
again just how resilient the Travel & Tourism industry is.
Despite many economic difficulties, last year, for the first time, we
saw more than one billion international travellers cross an
International border. This industry is an important driver for
countries’ economic development and growth strategies. Our industry
is responsible for creating jobs, lifting people out of poverty, and
broadening horizons. But we need international institutions and
governments to recognise its strength, to remove restrictive visa and
tax regimes and to work with the private sector to stimulate that
growth.
David
Scowsill continued: “It is clear that the industry is going to be a
significant driver of global growth and employment for the next
decade. The rise in emerging market destinations explains some of the
strong growth in T&T (particularly employment). As the shift from
a manufacturing to a services’ economy increases in many countries,
so the share of T&T employment out of total employment will
increase, as will the share of tourism’s contribution to total GDP.
Growing faster than any other economy is China. WTTC forecasts that
China will overtake the United States to be the world’s biggest
Travel and Tourism economy by 2023”.
WTTC
is publishing economic impact reports and forecasts on Travel &
Tourism’s contribution to GDP for 184 countries and for 24 regions.
