The World Travel & Tourism Council has announced that Travel & Tourism generated one-tenth of the world’s jobs in 2016, growing by 3.3%, and outpacing the global economy for the sixth year in a row – despite ongoing terror threats around the world.
The sector generated US$7.6 trillion worldwide, over 10% of global GDP, supported 292 million jobs and money spent by foreign visitors accounted for 6.6% of total world exports.
The fastest growing region was Southeast Asia, driven by the expanding Chinese outbound market, while Latin America was the slowest. There is a general move by consumers to switch to ‘safer’ destinations, but overall the sector remains resilient in the face of terrorism.
Travel & Tourism is expected to grow by nearly 4% in 2017, slower than previously forecast as a result of a downgrade to the global economy and a dampening of consumer spending.