The Travel & Tourism sector can be a sustainable growth engine for countries at all stages of development. The Travel & Tourism (T&T) industry has witnessed steady growth over the last decade. This is primarily driven by rising incomes and behavioral changes towards vacations, that are now perceived as a necessity rather than being a luxury. Secondly, the world has shrunk into a global village, thereby opening up new avenues of employment and business that require travel. Globally, this sector is expected to grow consistently by around 4% annually over the next decade and generate 276 million additional jobs. This has led to recognition of T&T as a priority sector for growth and central to the transformation of many locations and countries by driving social and economic changes. Job creation and economic diversification have been the major factors driving this focus. Being labor intensive, it employs a large proportion of women and youth, both in direct and indirect employment. Destinations, both nascent and mature can tap into this opportunity and grow their share of tourist footfalls through structured planning and implementation. Further, countries such as Sri Lanka, Czech Republic & Nicaragua are leveraging tourism as a strategic initiative to create a positive image globally for strategic and economic benefits.
Globally, the Travel & Tourism sector is the third largest employer, only next to agriculture and manufacturing. One out of ten employees is employed in this sector. This industry accounted USD 8 trillion or for 10.4% of global GDP in 2017. This is expected to grow to US$12 trillion (11.7% of Global GDP) by 2028. This whitepaper covers topics such as the evolution of Travel and Tourism trends, tourism development strategies, infrastructure and investments, regulations and policy, environmental and cultural sustainability and more.
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