WTTC Forecasts Growth in 2015 Travel & Tourism

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WTTC Forecasts Growth in 2015 Travel & Tourism

3/26/2015
Travel & Tourism will demonstrate its enduring ability to create jobs and prosperity for the global economy in 2015 with the sector forecast to grow by 3.7%, according to the World Travel & Tourism Council (WTTC).

Every year, WTTC forecasts the economic impact of the Travel & Tourism sector in 184 countries and 24 regions. For 2015, these forecasts show a sector that is again growing strongly, creating jobs and driving growth.

In 2014, the industry contributed US$7,580 billion in GDP and 277 million jobs to the global economy.

During 2015, the industry’s contribution to global GDP is forecast to grow by 3.7% and employment by 2.6%. This demonstrates the sector’s enduring ability to generate economic growth and create jobs at a faster rate than the global economy, which is due to grow by 2.9% in 2015.

By the end of 2015, the Travel & Tourism sector will contribute US$7,860 billion, 10% of global GDP, once all direct, indirect and induced impacts are taken into account. The sector will account for 284 million jobs, 9.5% of total employment, or one in eleven of all jobs on the planet.

WTTC forecasts that the United States and China will retain their rankings as the two biggest Travel & Tourism economies in the world, but Germany has overtaken Japan to rank as the third largest Travel & Tourism economy. Russia is the only G20 country expected to register a decline in Travel & Tourism growth in 2015, due to the continuing sanctions being imposed and the devaluation of the rouble. South Asia is expected to experience the highest growth in 2015 at 6.9%, whilst Europe and Latin America are the regions with the lowest forecast growth of 2.4%.

David Scowsill, President & CEO WTTC, said: “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.”

“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.

“Governments looking for a sector which can create jobs and drive economic growth should focus on Travel & Tourism. This industry requires the right regulatory environment in which to flourish, along with progressive policies on visa access, taxation, human resources planning, and sustainability.”

Long-term forecasts for Travel & Tourism show continued annual growth at 3.8% over the next ten years to $11.4 trillion. By 2025, the global Travel & Tourism sector is expected to contribute 357 million jobs, some 73 million more jobs than this year.

Scowsill concluded: “The long-term prospects for our sector are very encouraging. Travel & Tourism will continue to grow faster than the global economy and most other major industries.”

The full report on the economic impact of Travel & Tourism on the global economy can be found on the WTTC website. The Global Travel & Tourism Economic Impact Annual Update 2015 is produced for the World Travel & Tourism Council by Oxford Economics. The global economic contribution of Travel & Tourism, as defined by the World Travel & Tourism (WTTC) and Oxford Economics, is consistent with the United Nations Statistics Division-approved Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008), in terms of what is measured.

This year’s World Travel & Tourism Council Global Summit will be held in Madrid, Spain 15-16 April 2015. Once again the annual WTTC Global Summit will unite Travel & Tourism leaders from across the whole world, bringing together top representatives from the public and private sectors, from travel associations and the media in a unique networking and discussion forum. Be part of these debates, and join the WTTC 15th annual Global Summit in person, or online at www.wttc.org.

USA to retain status as world’s biggest Travel & Tourism economy in 2015: but visa and infrastructure questions persist
The United States will retain its status as the world’s largest Travel & Tourism economy in 2015 ahead of China and Germany, according to research published today by the World Travel & Tourism Council (WTTC).

In 2014, the sector contributed US$1,402 billion in GDP and 13.7 million jobs to the US economy.

During 2015, the sector’s GDP contribution is forecast to grow by 3.1% and employment by 1.7%. This demonstrates the sector’s enduring ability to generate economic growth and create jobs.

By the end of 2015, the Travel & Tourism sector will contribute US$1,445 billion, 8% of the GDP of the United States, and 13.9 million jobs, over 9% of total employment, once all direct, indirect and induced impacts are taken into account. The US continues to rank ahead of China, Germany, Japan and the UK when measured by the economic contribution of Travel & Tourism to GDP. David Scowsill, President & CEO WTTC, said: “The US is the world’s largest Travel & Tourism economy, with the sector contributing over $1.4 trillion to the wider economy. Ours is one of America’s largest economic sectors. It drives jobs and economic growth; well-being and prosperity. It creates jobs at different skill levels for all segments of society and in areas where other employment opportunities are scarce.”

“Success of the kind experienced by the US does not happen by accident and the country has taken great strides through visa liberalisation and international market in recent years to attract more overseas visitors, and to make those visitors feel welcome. However, there is still more that could be done and I would urge the Obama Administration to expand further the visa waiver program and to implement policies to address the future talent shortage in the sector.”

Research conducted for WTTC shows that the sector could employ 647,000 fewer people and contribute $76 billion less in GDP to the US economy over the next ten years, when compared to WTTC current growth forecasts, if government and private companies fail to implement policies which promote proactive and careful talent management.

The unprecedented research on talent gaps in Travel & Tourism quantifies and frames the sheer scale of the human resource challenge for America’s Travel & Tourism sector and the potential impact of the skill shortage on the long-term projections.

Scowsill continued: “According to WTTC forecasts, Travel & Tourism has the potential to contribute 17.2 million jobs and 8.7% of GDP to the American economy by 2025. However, this growth will not happen by itself. Rather, it needs progressive government policies in the areas of human resource development and visa liberalisation to realise that potential.” Every year, WTTC forecasts the economic impact of the Travel & Tourism sector in over 180 countries and 24 regions. For 2015, these forecasts show a sector that is, yet again, growing strongly, creating jobs and driving growth. By the end of the year, the contribution to GDP across the world from Travel & Tourism will have grown by 3.7% and the sector will contribute 284 million jobs, or one in eleven of all jobs on the planet, once all the indirect and induced benefits are taken into account.

David Scowsill, President & CEO WTTC, said: “At a time of global economic uncertainty, Travel & Tourism is an enduring source of job creation and a driver of growth for almost every country and every region in the world.”

The full report on the economic impact of Travel & Tourism in the US can be found on the WTTC website. The report “Global Talent Trends and Issues for the Travel & Tourism Sector” can also be found at www.wttc.org.

The Global Travel & Tourism Economic Impact Annual Update 2015 is produced for the World Travel & Tourism Council by Oxford Economics. The global economic contribution of Travel & Tourism, as defined by the World Travel & Tourism (WTTC) and Oxford Economics, is consistent with the United Nations Statistics Division-approved Tourism Satellite Account: Recommended Methodological Framework (TSA: RMF 2008), in terms of what is measured.

This year’s World Travel & Tourism Council Global Summit will be held in Madrid, Spain 15-16 April 2015. Once again the annual WTTC Global Summit will unite Travel & Tourism leaders from across the whole world, bringing together top representatives from the public and private sectors, from travel associations and the media in a unique networking and discussion forum. Be part of these debates, and join the WTTC 15th annual Global Summit in person, or online at www.wttc.org.

Contact:
toby.nicol@wttc.org