Wednesday, March 19, 2014
Wednesday, March 19, 2014
The World Travel & Tourism Council (WTTC) has released The Bahamas Economic Impact Report predicting that the sector in The Bahamas will grow 7.0 per cent during 2014.
The report highlights the economic and social relevance of the travel and tourism industry in The Bahamas, as well as its potential over the next decade.
In 2013 in The Bahamas:
- The total contribution of travel and tourism to gross domestic product (GDP) was $3,898.2 million (46.0 per cent of GDP).
- The total contribution of travel and tourism to employment, including jobs indirectly supported by the sector was 102,536 jobs (54.5 per cent of total employment).
- Travel and tourism investment was $487.9 million, or 18.1 per cent of total investment. It is projected to rise by 3.8 per cent in 2014.
Each year, WTTC undertakes an economic analysis of the impact of the travel and tourism sector in 184 countries.
In 2013, globally:
- Travel and tourism contributed $7.0 trillion to the global economy in 2013 and is expected to grow by 4.3 per cent in 2014.
- The total global contribution of travel and tourism to employment, including jobs indirectly supported by the industry was 265,835,000 jobs (8.9 per cent of total employment) – one in 11 of all jobs on the planet.
David Scowsill, president and chief executive officer of WTTC, says 2013 proved another successful year for the sector.
“Travel and tourism’s contribution to the world economy grew for the fourth consecutive year in 2013, helped especially by strong demand from international travellers. Visitor exports, the measure of money spent by these international tourists, rose by 3.9 per cent at a global level year on year, to US$1.3 trillion, and by over 10 per cent within South East Asia.”
“It is clear that the growth in travel and tourism demand from emerging markets continues with pace, as the burgeoning middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.”
However, Scowsill reminds governments that they need to take action.
“The outlook for travel and tourism for the next ten years looks extremely favourable, with growth forecast of more than 4 per cent annually. This will require governments to implement more open visa regimes and to adopt intelligent rather than punitive taxation policies. It is also critical that public and private partnerships ensure that long-term infrastructure and human resource needs are planned responsibly and sustainably, to absorb the inevitable growth that we are forecasting. If the right steps are taken, travel and tourism can be a true force for good.”