Tourism is one of the fastest-growing industries in the world, contributing significantly to the global economy. According to the World Tourism Organization, international tourist arrivals grew by 4% in 2019, reaching a total of 1.5 billion.
But how big is the global tourism industry? Let’s take a closer look.
What is the Tourism Industry?
The tourism industry encompasses all activities related to travel and hospitality, including transportation, accommodation, food and beverage services, recreation, and entertainment. It also includes related services such as travel insurance and tour operators.
The Size of Global Tourism Industry
The global tourism industry generated $7.6 trillion in revenue in 2016, according to the World Travel & Tourism Council (WTTC). This represents 10.2% of global GDP and makes tourism one of the largest economic sectors worldwide.
International Tourism
International tourism plays a significant role in the global tourism industry. In 2019, international tourist arrivals reached 1.5 billion, up from just 25 million in 1950.
This represents a compound annual growth rate of 4%. The top destinations for international tourists are France, Spain, Italy, China, and Turkey.
Domestic Tourism
Domestic tourism is also an essential component of the global tourism industry. In many countries such as the United States and China, domestic tourism accounts for most of the travel activity. In fact, domestic travel expenditures in China exceeded $5 trillion in 2018.
The Impact of Tourism on Employment
The tourism industry provides employment opportunities for millions of people worldwide. According to WTTC data from 2016, travel and tourism accounted for one out of every ten jobs globally.
The Future of Global Tourism Industry
The global tourism industry is expected to continue growing in the coming years, although the COVID-19 pandemic has significantly impacted the industry in 2020. However, the industry has shown resilience in the past and is expected to recover. The WTTC predicts that by 2029, travel and tourism will account for more than 11% of global GDP and provide employment for one out of every nine people worldwide.
Conclusion
The global tourism industry is a significant contributor to the global economy, providing employment opportunities for millions of people worldwide. While the COVID-19 pandemic has affected the industry in 2020, it is expected to recover in the coming years and continue growing in the long term.
9 Related Question Answers Found
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Tourism has become a major industry in recent years, contributing significantly to the world economy. The industry has gained immense popularity due to its ability to generate employment opportunities, foreign exchange earnings, and economic growth. But the question is, how much of the world economy is tourism?
