Travel and Tourism

Travel and tourism is top employer; Council reports industry is the
world’s largest; World Travel ; Tourism Council
The World Travel ; Tourism Council’s second annual report
states that travel and tourism is the world’s largest industry and employer.


The council, which seeks to promote the importance of tourism among
government leaders, is a global coalition of 43 chief executive officers from
various sectors of the travel industry.

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At its annual meeting here, the council announced its findings on travel and
tourism:
* It is the world’s largest industry, approaching $ 3.5 trillion in gross
output.


* It employs 127 million people, or one in every 15 workers.


* It is the world’s leading industrial contributor, producing 6.1% of the
world gross national product.


* It is also the leading producer of tax revenues at $ 303 billion.


The report also forecast tourism growth for the future.


“After considering the devastating effects of the Gulf War and economic
recession, 1993 expectations are for modest renewed growth, with travel and
tourism growing more than 6.1% per year, or 23% faster than the world
economy,” the report stated.


The European Community leads the world in gross output, while the
Caribbean leads in travel and tourism growth, according to the report.


Between 1990 and 1993, travel and tourism employment is expected to grow
50% faster than world employment, the report said.


By 1993, the report stated, workers in the industry will earn $ 869 billion,
or 5.7% of the world compensation total.


The council said travel and tourism’s contribution to the gross national
product, which is expected to reach 6.1% by 1993, is “significantly greater than
other industries typically considered ahead of travel and tourism by public
policy makers.”
For the second year, the council commissioned a survey of 400 policy and
opinion makers in 20 countries about the economic contribution of different
industries.


The results suggest travel and tourism is perceived to be the
eighth-largest economic contributor globally among 15 industries.


The council noted that this finding “contrasts sharply with tourism’s
actual contribution as the world’s largest industry.”
The report stated that the industry’s 1990 capital investment will support $
276 billion new gross output and 11 million new jobs.


The Caribbean, according to the report, shows the highest capital
investment growth at nearly 70%.


By 1993 travel and tourism’s corporate, personal and other taxes are
expected to total $ 520 billion, the report said.


The council also reported that the industry’s purchases of goods and
services outside of the tourism sector totaled $ 1.5 trillion in 1990.


The report concluded by stating that if governments recognized the important
economic contributions of travel and tourism and adopted policies to expand
markets and eliminate growth barriers, the contributions could increase and
create more jobs and wealth.

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