The global travel and tourism industry increased by 4.6% during 2017, a trend that has continued for the last 7 years, according to an official statement from the World Travel and Tourism Council (WTTC).
Tourism Surpassed the growth of other major industries worldwide, such as manufacturing, transportation, agriculture, financial services.
Gloria Guevara Manzo, President and CEO of the WTTC, said that tourism currently generates one in ten jobs.
As the annual Economic Impact report by the World Travel and Tourism Council and Oxford Economics states, this sector is fundamental for economic development and job creation around the world, as for seven consecutive years, starting in 2010, this industry has outperformed the global economy, growing by more than 30% in cumulative terms compared to 20% of the total economy.
Projections for 2018
In 2018, positive growth is expected for all regions of the world in the direct GDP of Travel and Tourism. South and Southeast Asia are expected to be the fastest growing countries in the world with increases of 7.2% and 5.9%, respectively.
By 2028, the Travel and Tourism sector is expected to stimulate 410 million jobs worldwide, equivalent to 1 in 9 of all jobs worldwide.
The 10-year outlook for global GDP growth in the tourism sector is that it will remain the same as last year's forecast with an average increase in direct GDP of 3.8%. In the same period, Asia is also expected to have an average annual growth of 6.9% in direct GDP from Travel and Tourism, while India is expected to have 7.15% and China 6.7%.
The full study can be found at www.wttc.org