Tourism "sup­ports twice as many jobs as the fi­nan­cial sec­tor"

WTTC re­port re­veals strength of the in­dus­try, which gen­er­ated US$7.6 tril­lion in 2016…

Travel Daily ME - - News -

The global travel and tourism sec­tor di­rectly sus­tains twice as many jobs as the fi­nan­cial sec­tor, and five times as many as the chem­i­cals man­u­fac­tur­ing sec­tor, ac­cord­ing to a new re­port by the World Travel & Tourism Coun­cil (WTTC).

The WTTC Bench­mark­ing Re­port 2017 com­pares travel and tourism to eight other sec­tors, which are con­sid­ered to have sim­i­lar breadth and global pres­ence, across 27 coun­tries and six re­gions.

The re­port found that in 2016, travel and tourism sup­ported 108 mil­lion jobs di­rectly and 292 mil­lion in to­tal. This means that on both di­rect and over­all lev­els, travel and tourism em­ploys more peo­ple than the au­to­mo­tive man­u­fac­tur­ing, bank­ing, min­ing, chem­i­cals man­u­fac­tur­ing, and fi­nan­cial ser­vices sec­tors.

It also shows that the power of travel and tourism to cre­ate jobs is sig­nif­i­cantly higher than that of fi­nan­cial ser­vices, when you com­pare their con­tri­bu­tion to GDP.

Fi­nan­cial ser­vices gen­er­ates 19.4% of the world’s GDP com­pared to 10.2% by travel and tourism, but the lat­ter sup­ports twice as many global jobs.

Travel and tourism gen­er­ated a to­tal of US$7.6 tril­lion in GDP in 2016 - a larger con­tri­bu­tion than that of bank­ing (US$4.8trn), min­ing (US$5.0trn), agri­cul­ture (US$5.8trn), au­to­mo­tive man­u­fac­tur­ing (US$6.1trn) and chem­i­cals man­u­fac­tur­ing (US$6.5trn).

"It is easy to ap­plaud the ef­forts or even to crit­i­cise the fail­ings of travel and tourism in iso­la­tion with­out look­ing at the pic­ture of our in­dus­try sep­a­rate from the over­all in­dus­trial con­text," said David Scowsill, pres­i­dent & CEO of the WTTC. "Our sec­tor con­trib­utes 10.2% of global GDP and sup­ports one in 10 jobs when you look at the to­tal im­pact and this re­search helps to put th­ese achieve­ments in con­text, and gives a clear pic­ture as to the strength of travel and tourism. "Busi­ness and leisure travel cre­ates op­por­tu­ni­ties, em­pow­ers com­mu­ni­ties and en­hances lo­cal liveli­hoods. There are still chal­lenges to sus­tain­able growth, and WTTC will con­tinue to urge pub­lic and pri­vate sec­tor to in­vest into our sec­tor and im­ple­ment poli­cies that are favourable for growth while safe­guard­ing the world’s as­sets," he added.

Global travel and tourism is fore­cast to grow by 4.0% per year over the next decade, which is sig­nif­i­cantly faster than the global econ­omy at 2.7% and all other sec­tors cov­ered in the study apart from the fi­nan­cial sec­tor and bank­ing.

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