The travel and tourism industry is undoubtedly one of the most important industries in the world. It has been showing steady growth for several years now, and this trend is expected to continue in the coming years. In this article, we will look at the growth rate of travel and tourism industry and what factors have contributed to its success.
The Growth Rate of Travel and Tourism Industry
According to a report by the World Travel & Tourism Council (WTTC), the global travel and tourism industry grew by 3.9% in 2018, contributing $8.8 trillion to the world’s Gross Domestic Product (GDP). This growth rate was higher than that of the global economy, which grew by 3.2% in 2018.
Factors Contributing to the Growth of Travel and Tourism Industry
There are several factors that have contributed to the growth of travel and tourism industry. One of them is globalization.
As more countries open up their borders, it has become easier for people to travel across borders for business or leisure purposes. This has led to an increase in international tourist arrivals.
Another factor is technology. The advancement in technology has made it easier for people to book flights, hotels, and other travel-related services online from anywhere in the world. Additionally, social media platforms have made it easier for travelers to share their experiences with others, which has helped promote destinations worldwide.
Regional Growth
The growth rate of travel and tourism industry varies across regions. Asia-Pacific region is currently leading with a growth rate of 6.5%, followed by Africa with a growth rate of 5.6%. Europe also saw significant growth at 4%, while North America and Latin America grew at a slower pace at 2%.
Future Prospects
The future prospects for travel and tourism industry are positive. According to the WTTC, the industry is expected to grow by 3.6% per annum over the next ten years, contributing $12.4 trillion to the world’s GDP in 2028.
Conclusion
In conclusion, the travel and tourism industry is a vital sector that has been growing steadily over the years. The factors driving this growth include globalization, technology, and social media. With positive future prospects, this industry will continue to play a significant role in the global economy for years to come.
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