Travel and tourism forecast to pass 100 million jobs and USD2 trillion GDP in 2012
Friday 9, March 2012
According to research by the World Travel and Tourism Council (WTTC), the global travel and tourism industry will grow by 2.8 percent in 2012, marginally faster than the global rate of economic growth, predicted to be 2.5 percent.
This rate of growth means that the travel and tourism industry is expected to directly contribute US$2 trillion to the global economy and sustain some 100.3 million jobs.
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 1 in 12 of all jobs on the planet.
In 2011, travel and tourism’s total economic contribution, taking account of its 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 percent of GDP, 1 in 12 jobs, 5 percent of investment, and 5 percent of exports.
David Scowsill, President and CEO of WTTC, said: “In 2012, when international travelers 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 percent through to 2022 by which time travel and tourism will employ 328 million people – or 1 in 10 of all jobs on the planet.
David 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.”
Other selected highlights from the research show:
More and more travellers think that researching and planning a European city break is half the fun and they're not interested in pre-arranged trips or escorted tours. Self-guided tours offer a lot of advantages but require some guidance and good resources.
With the recent wild fires, disrupting flights and increasing air pollution, environmental quality is a growing factor in attracting tourists.
The hotel price comparison site www.trivago.co.uk has put together a list of the fifteen most spectacular hotel rooftop terraces in the world.