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Travel sector to account for 12% of global economy by 2033
LONDON – The travel sector will continue to grow strongly in the coming years, accounting for almost 12 per cent of the global economy by 2033. So reports the World Travel & Tourism Council (WTTC), the umbrella organisation for the global travel and tourism industry, in its forecasts for the next 10 years.
As a whole, the travel and tourism sector will employ up to 430 million people by 2033, compared to 334 million in 2019. That accounts for about one in nine jobs worldwide.
Zakenreis – 21 August 2023
The importance of travel, especially via aviation, in boosting local economies cannot be overemphasised. Travel has a significant impact on both national and local economies, and aviation plays a crucial role in this process. Here are some points that highlight the importance of travel and aviation for economic growth:
- Tourism as an economic driver: Tourism, driven by travel, is an important economic driver for many regions around the world. Tourists spend money on accommodation, restaurants, attractions, transport and local souvenirs. This generates direct income and creates jobs in hospitality, retail and other service industries. Many countries are economically dependent on tourism.
- Employment: The aviation sector alone employs millions of people worldwide, ranging from pilots and cabin crew to engineers and airport staff. In addition, increased tourism leads to job creation in supporting sectors such as construction, entertainment and culture.
- Infrastructure development: To accommodate travellers, cities and regions need to invest in improved infrastructure, such as airports, roads, public transport and accommodations. These investments not only contribute to the travel experience, but also strengthen the local economy in the long run.
- Currency flows: International travel brings currency from around the world to local economies. This adds to the trade balance and can help stabilise the economy, especially for countries that rely heavily on foreign currency.
- Cultural exchange: Travel promotes cultural exchange and cooperation between different communities and countries. This can lead to new business opportunities, such as trade in arts, crafts and traditional products.
- Supporting small businesses: Local craft and small-scale businesses can benefit from the influx of tourists. This can range from boutiques and cafes to tours and workshops, enabling diversification of the economy.
- Tax revenue: Governments levy taxes and charges on airports and tourism activities. This revenue can be used for public amenities and projects to improve the quality of life of local people.
In summary, travel, with aviation as an indispensable part of it, is an engine for economic growth, job creation, infrastructure development and cultural exchange. It is imperative that governments, businesses and communities continue to invest in and benefit from this vital sector to realise sustainable economic benefits.