BREAKING: U.S. Continues Strong Performance During Longest Streak of Job Growth on Record
Forecasted to double the amount invested in the T&T sector compared to the US, absolute growth will be greatest in China
October 9, 2018 (Investorideas.com Newswire) A new report released by the World Travel & Tourism Council (WTTC) has shown that over the past seven years, China has seen the largest increase in Travel & Tourism's contribution to GDP. The United States, India, Mexico, and the United Kingdom followed behind closely, snagging placements as the top five countries in power rankings across a range of criteria all positively adding to worldwide growth.
The WTTC Performance Report shows that in 2017, the world saw one of its strongest years of GDP growth in a decade with robust consumer spending worldwide. Travel & Tourism contributed a total of US$8.3 trillion to the global economy, which accounts for 10.4% of the world's GDP and 313 million jobs.
The report's 'Power' ranking looks at those countries whose T&T has grown most in absolute terms over the past seven years. These countries are those which are powering T&T growth. The top ten countries in the Power ranking are:
- United Kingdom
- = Australia and United Arab Emirates
China and the USA sit comfortably on top in the power rankings, with the additional billions of dollars earned in the past seven years (US$64.4 billion and US$47.4 billion) dwarfing that of other countries.
With no surprise, China took first place, driven by the strongest absolute growth out of all countries in three indicators - GDP growth, domestic spending and investment growth. It only failed to climb to the top position in visitor exports, where it ranked third. China's Travel & Tourism GDP contribution has grown over three times more than any other country over the last seven years, with China representing one third of all global Travel & Tourism growth.
The USA -- with the largest total Travel & Tourism GDP -- comfortably took second place, driven by a strong performance across all four indicators. The American economy has been roaring into overdrive as of late and experiencing the longest streak of job growth on record and echoing other recent signs of strength.
Gloria Guevara, WTTC President & CEO, commented: "WTTC advocates that growth is driven by strong travel facilitation policies, and sustainable and proactive planning. The USA must continue to work to capitalize on the economic benefits of the Travel & Tourism sector and realize opportunities for continued growth. To this end, we invite government, policymakers and industry leaders to share their case studies with us as part of WTTC's new recognition program which will identify proven methods for success and promote best practice across the globe," concluded Guevara.
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WTTC is the body which represents the Travel & Tourism private sector globally. Members consist of CEOs of the world's T&T companies, destinations, and industry organisations engaging with Travel & Tourism. WTTC has a history of 25 years of research to quantify the economic impact of T&T in 185 countries. Travel & Tourism is a key driver for investment and economic growth globally. The sector contributes US$8.3 trillion or 10.4% of global GDP, and accounts for 313 million jobs or one in ten of all jobs on the planet.
For more than 25 years, WTTC has been the voice of this industry globally. Members are the Chairs, Presidents and Chief Executives of the world's leading, private sector Travel & Tourism businesses, who bring specialist knowledge to guide government policy and decision-making and raise awareness of the importance of the sector.
WTTC's annual Global Summit brings together over 800 delegates to discuss the opportunities, challenges and issues facing the industry, while its Tourism for Tomorrow Awards recognise the industry's power to be a positive force in sustainability. Next year's WTTC Global Summit will take place in Seville, Spain on 3-4 April 2019.
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