The World Travel & Tourism Council (WTTC) has been investing in
economic impact research for over 20 years. This research assesses
the Travel & Tourism industry’s contribution to GDP and jobs for
184 countries and 24 regions and economic groups in the world.
Our ten-year forecasts are unique in the information they provide
to assist governments and private companies plan policy and
investment decisions for the future.
2012 demonstrated again the resilience of the Travel & Tourism industry in the face of continued economic
turmoil, as economic growth slowed and was even negative in key global markets. The latest annual research
from WTTC and our research partner Oxford Economics, shows that Travel & Tourism’s contribution to GDP
grew for the third consecutive year in 2012, and created more than 4 million new jobs. The strongest growth
in 2012 was evident in international demand as appetite for travel beyond national borders, from leisure and
business visitors, remains strong.
Travel & Tourism’s importance to the wider economy continued to grow in 2012. Its total contribution
comprised 9% of global GDP (US $6.6 trillion) and generated over 260 million jobs – 1 in 11 of the world’s
total jobs. The industry outperformed the entire wider economy in 2012, growing faster than other notable
industries such as manufacturing, financial services and retail.
With such resilience in demand and an ability to generate high employment, the importance of Travel &
Tourism as a tool for economic development and job creation is clear. In total, the industry contributed to over
10% of all new jobs created in 2012. Less restrictive visa regimes and a reduction in punitive taxation levels
would help the industry to contribute even more to broader economic development and better fulfil the clear
demand for international travel.
While 2013 will present further challenges for the global economy and the Travel & Tourism industry, we remain
optimistic that Travel & Tourism will continue to grow, outpace growth of the wider economy and remain a
leading generator of jobs.
In the longer-term, demand from and within emerging markets will continue to rise in significance. Destinations
need to be willing to invest in infrastructure suitable for new sources of demand to achieve the clear growth
potential that exists. For example, we forecast that China will overtake the US by 2023 as the world’s largest
Travel & Tourism economy, measured in total GDP terms (2012 prices), and the size of the outbound market
