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Positive outlook for travel and tourism

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Global travel and tourism sector to grow 3.5% in 2015
The global travel and tourism sector is forecast to grow 3.5% during 2015, representing strong growth despite the many challenges that have already taken place this year, thinks the World Travel & Tourism Council in its latest report.
The 2015 growth figure is slightly lower than the forecast at the beginning of the year, mostly due to weaker domestic spending, says the WTTC in the annual autumn update to its economic impact research.
The WTC describes itself as the global authority on the economic and social contribution of travel and tourism.
Already this year, it points out, the sector has seen many regional incidents that have impacted the tourism economies throughout the world. These include MERS in South Korea and Ebola in West Africa; natural disasters like the earthquake in Nepal and typhoons in the Philippines; terrorism attacks in Tunisia, Egypt, Lebanon, France and Mali; and political turmoil and continued unrest in Ukraine and Syria.
“Travel and tourism is a tremendously resilient sector,” David Scowsill, the body’s president and chief executive, said. “Despite a number of terrible regional incidents throughout the year, the sector will still grow 1% faster than global GDP in 2015.”
The sector’s total contribution to the world economy in 2015 will be $7.8 trillion, the WTTC estimates, and will support 284 million jobs across the globe. Visitor exports – money spent by foreign travellers – are forecast to grow by 2.9% percent.
South Asia is expected to be the fastest growing region with 7.7% growth, heavily stimulated by growth in India. Latin America is expected to be the slowest, with a low-level growth of 1.7%, predominantly caused by the slowdown of the Brazilian economy.
Over the next ten years, the travel and tourism sector is anticipated to contribute $11.3 trillion in GDP to the world economy and support 355 million jobs worldwide, equating to one in 10 jobs on the planet.
The full report can be accessed here.
TTG Nordic

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