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Travel & Tourism fastest growing sector globally, says WTTC

 

Travel & Tourism was responsible for the creation of 7 million new jobs worldwide, while the sector as a whole grew at 4.6%, much faster than the rest of the economy, according to the World Travel Tourism Council’s (WTTC) Economic Impact Research.

For the seventh consecutive year, the Travel & Tourism sector has outperformed the global economy, which grew at 3% during 2017, while  being the fastest growing broad economic sector globally, outperforming the likes of manufacturing, retail and wholesale, agriculture, forestry and fisheries, and financial services.

WTTC President & CEO, Gloria Guevara, said: “Travel & Tourism creates jobs, drives economic growth and helps build better societies. Our research shows that our sector was responsible for the creation of one in five of all jobs globally. In the last few years, Governments around the world are realising the extraordinary benefits of tourism and I congratulate them for taking steps to maximise the potential of our sector.

“2017 was the best year on record for the Travel & Tourism sector.  We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India. This is great news for the millions of people who depend on our sector for their livelihoods.”

Vy 2028, Travel & Tourism is expected to support more than 400 million jobs globally, which equates to 1 in 9 of all jobs in the world; and the sector is expected to contribute around 25% of global net job creation over the next decade.

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