NEW DELHI: Travel and Tourism industry is set for a milestone year as its direct contribution to the global economy is expected to cross $2 trillion in GDP and generate 100 million jobs.
Yet another milestone is expected when the number of tourists touches 1 billion this year.
The analysis also showed that South & Northeast Asia will be the fastest-growing regions in 2012, growing by 6.7 per cent driven by countries like India and China, where rising incomes will generate an increase in domestic tourism spend and a sharp upturn in capital investment, and recovery in Japan that faced a downturn owing to natural calamity.
According to research by the World Travel & Tourism Council (WTTC), the global travel and tourism industry will grow by 2.8 per cent in 2012.
This rate of growth means that this industry is expected to directly contribute $2 trillion to the global economy and sustain some 100.3 million jobs.
In 2011, the tourism industry contributed 255 million jobs, US$743 billion in investment and $1.2 trillion in exports. David Scowsill, President & CEO of WTTC, said, “It is clear that the industry is going to be a significant driver of global growth and employment for the next decade. Our industry is responsible for creating jobs, pulling people out of poverty, and broadening horizons. It is one of the world’s great industries”. In the Middle East, Qatar will grow fastest at 13.2 per cent. Syria will likely see another dramatic fall, estimated at 20.5 per cent, as the political situation worsens, increasing concerns over security. Sign It also accounted for 14 per cent of all global tourist arrivals in the region in 2010.