Tag Archives: World Travel and Tourism Council

Tourism to contribute $12,450 billion to global GDP by 2028: WTTC

A recent report by World Travel and Tourism Council (WTTC) suggests that total contribution of tourism to global GDP will grow to USD 12,450.1 billion (11.7% of GDP) by 2028. Further, according to the report, total employment contribution of tourism sector accounts for 9.9 per cent of global employment in 2017, supporting twice as many jobs as financial sector. Travel & Tourism investmentA recent report by World Travel and Tourism Council (WTTC) suggests that total contribution of tourism to global GDP will grow to USD 12,450.1 billion (11.7% of GDP) by 2028. Further, according to the report, total employment contribution of tourism sector accounts for 9.9 per cent of global employment in 2017, supporting twice as many jobs as financial sector. Travel & Tourism investment in 2017 was $882.4 billion, or 4.5 per cent of total investment. It is projected to rise by 4.3 per cent per annum over the next ten years to $1,408.3 billion in 2028 (5.1% of total). Tourism contribution to global GDP (10.4 per cent in 2017) is higher than many other sectors.

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Business travel spending to grow at 6.7% in 2018

Business travel spending is expected to grow at 6.7 per cent in 2018 and rise to 7.0 per cent per annum between 2018E-2028, according to a recent report by World Travel and Tourism Council (WTTC). The emergence of business hubs like Mumbai (Finance), Bengaluru (IT), Chennai (IT) and Delhi (Manufacturing, IT) is likely to boost business travel. Leisure travel spending (inbound and domestic) generated 94.6 per cent of direct travel and tourism GDP in 2017 US$ 201.7 billion compared with 5.4 per cent for business travel spending US$ 11.6 billion. Leisure travel spending is expected to grow at 7.6 per cent in 2018 and rise to 7.1 per cent per annum between 2018E-2028.

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Travel and Tourism’s contribution to employment witness positive trend

The total contribution of Travel & Tourism to employment was 41,622,500 jobs in 2017 (8.0 per cent of total employment), according to a report by World Travel and Tourism Council. This will rise by 3.1 per cent in 2018 to 42,898,000 jobs (8.1 per cent of total employment). By 2028, travel and tourism is expected to support 52,279,000 jobs (8.4 per cent of total employment), an increase of 2.0 per cent per annum over the period, the report said. Meanwhile, Travel & Tourism generated 26,148,000 jobs directly in 2017 (5.0 per cent of total employment) and this is forecast to grow by 2.8% in 2018 to 26,883,000. This includes employment by hotels, travel agents, airlines and other passenger transportation services (excluding commuter services). It also includes, for example, the activities of the restaurant and leisure industries directly supported by tourists.

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Indian business travel to show 7.2% growth over next decade

India’s business travel industry has grown by 16.2 per cent over the past five years (2011-2016), according to a report by Travelport and World Travel and Tourism Council (WTTC) launched at the WTTC Global Summit 2017 in Bangkok. It has been predicted that Asia-Pacific will lead the way at a predicted rate of 6.2 per cent each year to 2027, with India (7.2%) among the top five countries attributing to the growth. Over the past five years, at a global level, business travel spend has grown at an annual average of 3.6 per cent, with the strongest growth in the past 5 years having taken place in Asia, the Middle East and Sub Saharan Africa. The CEO of Travelport, Gordon Wilson, commented: “Every day we see business travel growing at a significant rate in many emerging markets with technology playing an in increasingly important role in easing the way for those on trips for their work. As an industry we need to continue to invest in the best technologies and infrastructure whilst governments need to be more business-friendly by removing burdensome visa requirements.” David Scowsill, President & CEO, WTTC, said: “Travel & Tourism generates USD$7.6 trillion in GDP and supports over 292 million jobs. Business travel is a vital part of the sector, and it is a key catalyst for global growth. It drives the relationships, investments, supply chains and logistics that support international trade flows.”

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