Tourism industry contributed US$ 7,580 billion in GDP and 277 million jobs to the global economy in 2014, according to a report prepared jointly by World Travel and Tourism Council (WTTC) and Oxford Economics.
The study entitled ‘Travel and Tourism Economic Impacts 2015? forecasts tourism industry’s contribution to global GDP to grow by 3.7 percent and employment by 2.6 percent in 2015. The global economy is expected to grow by 2.9 percent in 2015.
“By the end of 2015, the travel and tourism sector will contribute $7,860 billion, 10 percent of global GDP, once all direct, indirect and induced impacts are taken into account. The sector will account for 284 million jobs, 9.5 percent of total employment, or one in eleven of all jobs on the planet,” the report states
The study forecasts that the United States and China will retain their rankings as the two biggest tourism economies in the world. Germany overtook Japan to rank as the third largest tourism economy. According to the study, South Asia is expected to experience the highest growth in 2015 at 6.9 percent, whilst Europe and Latin America are the regions with the lowest forecast growth of 2.4 percent.
“At a time of global economic challenges, Travel & Tourism continues to grow faster than the global economy, and is an enduring source of job creation and a driver of growth for every region in the world,” David Scowsill, President & CEO of WTTC, said. “Our annual research demonstrates that the sector has recorded strong economic growth in 19 out of the last 20 years, providing much-needed economic stability at a time of global economic volatility.”
The report forecasts that global tourism industry will continue to grow by 3.8 percent annually over the next years to reach $11.4 trillion by 2015.
TOURISM INDICATORS OF NEPAL
According to the report, tourism directly supported 487,500 jobs in Nepal which is 3.5 percent of total employment in the country. The report forecasts it to rise by 4 percent in 2014 and grow by 3.1 percent to 1,494,000 in 2025.
Similarly, tourism contributed Rs 83.7 billion in Nepal’s GDP in 2014. Contribution of the sector to GDP is expected to rise by 5.4 percent in 2015. It will rise by 4.4 percent per year until 2025 to Rs 135.7 billion (4.8 percent of GDP) in 2025.
The report says Nepal’s tourism sector received investment worth Rs 15.7 billion, or 3.6 percent of total investment, in 2014. The report estimates investment to increase by 12 percent in 2015 and by 5.2 percent over the next 10 years to Rs 29.2 billion in 2025.