The Travel & Tourism (T&T) industry has witnessed steady growth over the last decade. This has led to recognition of T&T as a priority sector for growth and central to the transformation of many locations and countries by driving social and economic changes. Job creation and economic diversification have been the major factors driving this focus. The T&T sector has positive spillovers to other sectors of the economy as well. Further, countries such as Sri Lanka, Czech Republic & Nicaragua are leveraging tourism as a strategic initiative to create a positive image globally for strategic and economic benefits.
Globally, the Travel & Tourism sector is the third largest employer, only next to agriculture and manufacturing. One out of ten employees is employed in this sector. This industry accounted USD 8 trillion or for 10.4% of global GDP in 2017. This is expected to grow to US$12 trillion (11.7% of Global GDP) by 2028.
Contribution of Travel & Tourism to Global GDP (US$ Billion)
Source: Travel & Tourism Economic Impact 2018 – WTTC
Countries that have promoted Tourism have gained in many ways, primarily through economic development. The Tourism Sector brings the following benefits to every country / region:
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