Tourism : A Tool of the World Economy
Tourism is the largest industry in the world that has been reported by the UNWTO (United Nation World Tourism Organization). World Economy has been influenced by the tourism industry directly or indirectly. The travel and tourism industry generated a direct economic impact of $ 2.4 billion last year, which represents 3.1% of global GDP, according to a report by the business association World Travel & Tourism Council (WTTC). But if the direct and indirect effects are added, tourism generates 9.8% of global economic output.
The volume of direct tourism business involves more than the chemical industry (2.1%) and automotive (1.2%) worldwide, says the WTTC impact. The tourism sector is larger than agriculture, automotive and chemical industry.
If the direct, indirect and induced effects generated by each economic sector were added up, the travel industry and tourism would amount to 7.6 billion dollars last year. That is, it represents 9.8% of world GDP.
Thus, considering the total economic impact, tourism is greater than other sectors such as the chemical industry (8.6%), agriculture (8.5%), education (8.4%), automotive (7%) or banking (5.9%).
“In terms of employment , the importance of the tourism industry is even more pronounced, “according to the WTTC stresses. And tourism provides direct employment to 105 million people globally, seven times more than the automotive industry or five times more than chemistry. Tourism is responsible for 235 million jobs, or one in every 12 jobs worldwide.
The report by Oxford Economics for WTTC also notes that the global tourism GDP will grow at a rate of 3.9% annually over the next decade, compared with a 2.9% increase by means provided for the global economy. “This is a growth that exceeds those of other economic sectors, except retail sales,” said WTTC.