Travel Tourism is set for a milestone year as the industry's direct contribution to the global economy is expected to pass $2 trillion in GDP and 100 million jobs.
The global travel and tourism industry is expected to grow by 2.8% this year, which is slightly faster than the global rate of economic growth predicted to be 2.5%, according to the World Travel & Tourism Council (CTTC).
"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 $2 trillion to the world economy and 100 million jobs. But these numbers are dwarfed by the total forecast contribution of our industry – $6.5 trillion to the global economy and 260 million jobs," said David Scowsill, president and CEO of WTTC.
Other highlights from the research show:
- The mature economies of North America and Europe will continue to struggle in 2012. North America, which is saw a slight upturn in the USA's economic situation at the end of 2011, should see growth of only 1.3% in Travel & Tourism direct GDP over the year
- “The prospects for Travel & Tourism growth in Europe in 2012 are precarious,” the report found. Current forecasts suggest a 0.3% increase in Travel & Tourism direct GDP for the region overall, but this will be propped up by newer economies such as Poland and Russia. A decline of 0.3% is expected across the European Union..
- South & Northeast Asia will be the fastest-growing regions in 2012, growing by 6.7%. Growth will be driven by countries such as India and China where rising incomes will generate an increase in tourism spending.
- After an “extremely challenging” 2011 when civil unrest and violence had a dramatic impact on demand for Egypt, Tunisia and Libya, North Africa is showing signs of recovery in 2012 with Travel & Tourism direct GDP growth forecast at 3.6%. “Morocco (8.3%) will be the star performer of this region as negative perceptions of security continue to affect tourism in Egypt and Tunisia,” the report said.
- In the Middle East, where civil unrest and violence in some countries continues, growth will be more subdued (3%), although there are stark differences at country level. Qatar will grow fastest at 13.2% while Syria will likely see another dramatic fall, estimated at 20.5%, as the political situation worsens.
By David Wilkening
