Business & Finance

Travel and Tourism industry excels and develops the global economy

15223226591.jpg

Research conducted by WWTC proves that the industry of travel and tourism is flourishing. This research informed that 7 million employment facilities were developed by thus industry. 2017 was a good year for travel and tourism industry. In 2017 the growth was by 4.6% and it was a double faster growth compared to global economy. Global economy only had a growth rate of just 3%.

WTTC president remarks that this industry is a positive one as it develops employment, builds good societies and has socio economic development. Globally out of five jobs, one job was by the travel and tourism industry.

Governments realized how well this industry is working and they helped this industry more by involving potential steps of development. For seven consecutive years this industry is setting records in the global economy. It was known as the fastest- growing industry globally which showed great growth rates than any other sector. It created records and did better than retail industry, agriculture, manufacturing, textile and the financial services. It is a boon for the global economy.

Huge population depends on this industry for their living and this growth is a blessing to them. Air sector has also shown significant development. North Africa still carries on the various impacts of travel and tourism.

Total Asia is showing positive growth in this industry. According to estimation, 10 years more from now, more than the one-third of the absolute GDP and employment will be catered by both China and India.

Leave a comment