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Global Travel Industry Growth

Global Travel Industry Growth

Posted on April 8 2019

Travel and tourism is the world’s second-fastest growing sector with a huge contribution to the global economy. This sector reinforces its role as a driver of economic growth and job creation globally, whether directly or indirectly.

The direct economic impact of the sector, including accommodation,transportation, entertainment and attractions, was about 8.8 trillion U.S.dollars in 2018.
Outbound visitor numbers grew by 3.4 percent in Europe over the previous year.In the Middle East, they decreased by 6.3 percent.

The latest statistics have shown that travel and tourism is a booming sector with a higher growth rate compared to other industries/sectors. Many researches have proven that the industry was responsible for the creation of 319 million new jobs, representing one in ten of all jobs globally.

2017 was the year that saw the highest growth percentage compared to the other previous years, generating about 4.6% growth, which is 50% faster than the global economy as a whole.

Governments around the world has started recognizing the importance and growth of the travel& tourism sector, and some serious actions has been taken to further improve this sector.

The air industry alone has seen a great growth rate in the last decade. According to IATA researches in 2017, European airlines have welcomed 1 billion passengers with a growth rate about 8.1 percent for the first time.

Travel and tourism in Africa have contributed a growth about 2.6 percent in GPD. Egypt has shown outstanding growth of almost 73 percent, and Tunisia 7.6 percent growth.
All countries in Asia are showing positive growth and are enhancing the industry to grow faster year by year. North East Asia grew at a rate of 7.4 percent and South East Asia at 6.7 percent.

WTTC researches show that in the next 10 years, one third of the absolute GPD growth and half of the employment will be generated by Travel and tourism in both countries India and China. Latin America was the only weak spot in the travel and tourism sector.

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