World – One in five jobs created in 2017 attributable to travel and tourism sector, study finds

The travel and tourism sector was responsible for 7 million new jobs worldwide, or 1 in 5, in 2017, according to a study from the World Travel and Tourism Council.

The research showed that the travel and tourism sector grew 4.6% in 2017 and in that same year, the sector’s indirect and induced impact accounted for: $8.3 trillion contribution to global GDP (10.4%) 313 million jobs, 1 in 10 jobs around the world $1.5 trillion in exports (6.5% of total exports, 28.8% of global services exports) and $882 billion investment (4.5% of total investment).

The sector also outperformed the global economy and in 2017 and was the fastest growing broad economic sector globally, showing stronger growth than all sectors including manufacturing (4.2%), retail and wholesale (3.4%), agriculture, forestry and fisheries (2.6%) and financial services (2.5%).

“Travel & tourism creates jobs, drives economic growth and helps build better societies,” Gloria Guevara, WTTC President & CEO said. “Our research shows that our sector was responsible for the creation of one in five of all jobs globally. In the last few years, governments around the world are realising the extraordinary benefits of tourism and I congratulate them for taking steps to maximise our sector’s potential.”

Forecasts for 2018 suggest that growth will continue, although at a slower rate than in 2017 as a result of higher oil prices. The long-term outlook shows an average of 3.8% growth per year over the next decade.

Source: http://www2.staffingindustry.com/row/Editorial/Daily-News/World-One-in-five-jobs-created-in-2017-attributable-to-travel-and-tourism-sector-study-finds-45469