London, UK, 2013-11-5 — /travelprnews.com/ — The global Travel & Tourism industry will grow marginally slower in 2013 than previously indicated, according to the World Travel & Tourism Council (WTTC).
WTTC forecasts that the total contribution from Travel & Tourism to the world economy will be 2.9% in 2013, down from the 3.2% growth initially forecast in February of this year.
The latest economic research shows that the main indicators for Travel & Tourism are positive for 2013:
However, the reduction in growth in Travel & Tourism is driven by reduced investment growth in the economy as a whole, impacting on the industry and slowing global economic growth. Oxford Economics, WTTC’s research partner forecasts global economic growth to be 2.1% in 2013, a slight downgrade from the 2.4% forecast at the start of the year.
David Scowsill, President & CEO, WTTC, said: “Travel & Tourism is a growth industry which generates 9% of global GDP and supports 260 million jobs, or 1 in 11 of the world’s jobs. In 2013, Travel & Tourism total contribution to GDP is expected to grow at 2.9% according to WTTC’s latest estimates. This is lower than our previous forecasts but a much higher level of growth than the 2.1% expected for the global economy and continues to show the strength and resilience of the Travel & Tourism industry.”
Highlights of the latest research include:
David Scowsill continued: “It is clear that the Travel & Tourism industry is performing resiliently in the face of continued economic global uncertainty, with all regions showing a degree of growth in international arrivals. The long-term prospects are positive with growth of around 4% for the next 10 years maintained.
“The economic and social contribution of Travel & Tourism is well understood across the world, but WTTC calls on Governments of all political persuasions to consider how the value of their industry can be used to drive economic growth and create jobs.”
ENDS
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