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The World Travel & Tourism Council (WTTC) – a global authority on the economic and social contribution of Travel & Tourism – has recently released its 2015 reports on the Economic Impact of Travel & Tourism upon the world and specific regions.
In 2014, the travel & tourism industry generated $7.6 trillion (10% of global GDP), and created 277 million jobs for the global economy. Nearly 1.14 billion visitors were tabulated with 46% of total visitors coming from emerging countries such as Vietnam, up 38% from 2000. This presents new market opportunities from these emerging countries. The direct economic contribution of the Travel & Tourism sector by South East Asian countries in 2014 was $117.9 billion, (4.8% of GDP) and is forecasted to grow by 5% this year. The industry also generated 11,262,000 jobs in 2014 (3.7% of total employment), and is forecasted to grow by 2.8% to 11,574,000 jobs in 2015. By 2025, jobs in travel & tourism will account for more than 15,510,000 jobs in South East Asian countries.
According to the reports, South East Asia generated $112 billion in visitor exports, and this figure is expected to grow by 4.2%. Capital investment in this industry was $49 billion in 2014, and is expected to increase to $96.4 billion in the next ten years.
South East Asia is currently fifth (out of a scale ranking of 12), with $117.9 billion on the Travel & Tourism’s Direct Contribution to GDP list, with European Union ranking 1st with $669 billion. It’s third on the Direct Contribution to Employment list, 4th of the Visitor Exports list and 5th of the Capital Investment list. It is the third fastest growing region in terms of Direct Contribution to GDP, with a growth statistic of 5%, while South Asia is leading with a growth of 6.5%.
Leisure travel contributed almost 77% to total inbound and domestic spending, comparing to just 23% of business spending. Leisure travel is expected to grow by 3.3% this year, while business travel at a 4% growth.
The travel & tourism industry is expected to grow substantially in the next few years, with many new destinations and investment opportunities that make travel and tourism services more affordable to attract visitors from emerging countries. Vietnam is currently on the hot list of the most affordable and beautiful travel destinations in the world, and its positive contribution to the world economy is undoubtedly on the rise.