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WTTC: Travel and tourism sector to grow, outpace wider economic growth, in 2013

7-Aug-2013 3:35 PM

World Travel and Tourism Council (WTTC) president and CEO David Scowsill, speaking at the CAPA Australia Pacific Aviation Summit, stated (07-Aug-2013) the outlook for the travel and tourism sector in 2013 "continues to be positive", despite challenged economic background. Contribution to GDP is forecast to grow 3% in 2013, once again outpacing the total global economy. This trend is set to continue in the next 10 years, with average growth of 4.5% p/a through to 2023, outpacing growth in the wider economy and outpacing other industries such as retail, mining and public services. By 2023, total economic contribution will account for 10% of GDP, or USD10.5 trillion. One in 10 jobs (ie 338 million jobs) will be directly or indirectly related to tourism. Two thirds of new tourism-related jobs will be in Asia.