With tourism and travel set to provide around 10 percent global GDP, the World Travel and Tourism Council (WTTC) reports on the significance of travel and tourism to the world economy. The sector is also predicted to grow by 4 percent in the next decade. However, more and more people prefer traveling to previously less popular and unconnected cities because they are more affordable.
Nubricks blog posts some interesting figures for world travel.
Even though it has always been known that travel and tourism are vital to the economy of so many countries, the contribution to the worldwide economy may surprise many. Globally, travel and tourism demand is expected to generate around $7, 893 billion worth of worldwide economic activity in 2008, reaching highs of $14,838 billion by 2018. The overall contribution of tourism and travel to worldwide GDP apart from basic travel expenses and accommodation creates a ripple effect on the local economy with growth in tourism to an area resulting in increased service requirements, commodities and in popular destinations; property.
As Gulfnews reports, India will be the world’s number one tourism market in terms of annual growth in emerging destinations.
Over the next 10 years, smaller emerging markets will also be contributing significantly to the travel and tourism sector. While the United States, China, Japan and Germany will continue to lead in terms of travel and tourism demand, India will be the world’s number one in terms of annual growth, averaging 9.4 per cent a year between this year and 2018.
However, attracting and keeping tourists is already, and will remain to be, an important key to the success of many countries and regions in the world.
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