Tourism industry to generate US$2 trillion in 2012
The travel and tourism industry will contribute more than US$2 trillion to the global economy and provide 100 million jobs in 2012, according to a new reported by the WTTC.
The WTTC has forecast that the global travel and tourism industry’s economy will grow 2.8% in 2012, marginally faster than the global rate of economic growth, predicted to be 2.5%. This will push it beyond the US$2 trillion mark.
When the wider economic impacts of the industry are taken into account, travel and tourism is forecast to contribute some US$6.5 trillion to the global economy and generate 260 million jobs – or one in 12 of all jobs on the planet.
According to the WTTC, travel and tourism’s total economic contribution in 2011, taking account direct, indirect, and induced impacts, was US$6.3 trillion in GDP, 255 million jobs, US$743 billion in investment, and US$1.2 trillion in exports. This contribution represented 9% of GDP, one in 12 jobs, 5% of investment, and 5% 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 US$2 trillion to the world economy and 100 million jobs. But these numbers are dwarfed by the total forecast contribution of our industry – US$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 4% through to 2022 by which time travel and tourism will employ 328 million people – or one in 10 of all jobs on the planet.
Scowsill continued; “It is clear that the travel and 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.”
South and Northeast Asia will be the fastest-growing regions in 2012, growing 6.7%, driven by India and China, as well as the recovery in Japan.
The mature economies of North America and Europe however, will continue to struggle in 2012, according to the WTTC. North America should see growth of only 1.3%, while current forecasts suggest a 0.3% increase in direct travel and tourism GDP for Europe.