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WTTC: Tourism Becomes a Crucial Factor for Economic Growth

News Recently, the World Travel and Tourism Council (WTTC) has published its new study, Cities Report 2019. This paper analyzes the global travel and tourism sector and its contribution to the GDP. The report covers 73 major city destinations and the effect that tourism has on local economies. Once again, it becomes clear that tourism becomes a force that countries cannot ignore. For example, European tourism is a US$830 billion business that contributes 30% of the global Travel & Tourism GDP.

The report makes it clear that tourism is a crucial element in the economy of many European cities. When tourists book hotels in Dubrovnik, they might not know that they are greatly helping the local economy because tourism contributes 17.8% to the overall GDP of the city. In Antalya, the contribution of tourism to GDP is 10.1%.

Turkish cities, namely, Antalya and Istanbul, have the fastest growth in travel & Tourism GDP. They are adding 15.7% and 15.5% respectively. This fact once again proves that Turkey’s tourism is growing at a fast pace. This has become possible mainly thanks to the depreciation of the national currency and improved safety. Moscow is the third city in Europe with the fastest-growing tourism. The capital of Russia added 13.7% last year, but this happened mostly because of the FIFA World Cup. International spending in Moscow added a fantastic 20.5%.

The total contribution of major 73 cities to Travel & Tourism GDP is US$691 billion. This is a quarter of the world’s GDP in this sector. The industry is responsible for more than 17 million jobs. The results of some cities are truly impressive. For example, the travel and Tourism industry of Paris alone accounts for US$35.6 billion. Hotels in Rome, Budapest, and Berlin hotels, as well as other tourism-related organizations, were creating 4%-5% more jobs annually. These are the fastest-growing European cities in terms of new job creation. In 2018, the growth of employment in tourism grew by 14.3% and 13.7% in Istanbul and Antalya respectively.

At the moment, more than half of all people in the world (55%) live in urban areas. This figure is expected to grow to 68% in just 30 years. Cities become an important factor in the economic growth of whole countries. As city breaks are on the rise, urban areas can expect more guests in the coming years. This being said, it is important to develop tourism and travel infrastructure as this will greatly help not only local economies but also economies of whole countries.


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