With a 3.6% real GDP growth in Q1 2017, the world economy has remained strong, surpassing the earlier forecast at 3.5% for 2017-2018. This gr owth, according to Euromonitor International, is and continue to be highly driven by emerging markets which account for approximately 74% of the world’s real GDP expansion, and a predicted share of up to 79% by 2020.
Image by Susan Leggett
Among top sectors contributing to this economic development is the Travel and Tourism industry, directly accounting for US$2.3 trillion (10.2% of the world’s GDP) and 109 million jobs (1 in 10) globally in 2016. However, the sector’s agility has had to withstand the pressures of global uncertainties especially related to political stands across the world. The Brexit, Trump travel ban, the North Korea looming standoff with Japan and United States, are some of the major challenges cited in the report.
Quoted in the Global Economic Impact & Issues 2017 report, the President & CEO, of the World Travel & Tourism Council (WTTC) David Scowsill says, “This is the sixth year in a row that Travel & Tourism has outpaced the global economy, showing the sector’s resilience, and the eagerness of people to continue to travel and discover new places, despite economic and political challenges across the world.”
World Inbound Tourism Performance