This year will be a "milestone year" for travel and tourism, according to the World Travel & Tourism Council (WTTC), which last week released banners predictions for industry growth in the months ahead. According to WTTC's forecast, the industry's direct contribution to the global economy this year will surpass $2 trillion in GDP and 100 million jobs. Add indirect economic impact, and the travel industry will contribute as much as $6.5 trillion to the global economy and generate as many as 260 million jobs — or 1 in 12 of all jobs on the planet.
WTTC's predictions are based on research showing that the global travel and tourism industry will grow by 2.8 percent in 2012, marginally faster than the global rate of economic growth, predicted to be 2.5 percent.
"In 2012, when international travelers are expected to surpass one billion for the first time, the industry will pass two other major milestones: a direct contribution of $2 trillion to the world economy and 100 million jobs," said WTTC President and CEO David Scowsill. "But these numbers are dwarfed by the total forecast contribution of our industry — $6.5 trillion to the global economy and 260 million jobs."
Further, WTTC forecasts continued growth for the next decade: It predicts that average annual growth will be 4 percent through 2022, when it expects travel and tourism employment to be 328 million, or 10 percent of all jobs on earth.
"It is clear that the travel and tourism industry is going to be a significant driver of global growth and employment for the next decade," Scowsill said. "Our industry is responsible for creating jobs, pulling people out of poverty and broadening horizons. It is one of the world's great industries."
The news isn't all good, however. Based on its research, WTTC predicts that the "mature economies" of North America and Europe will "continue to struggle" in 2012. It predicts growth of only 1.3 percent for North America and 0.3 percent growth for Europe as a whole, with a 0.3 percent decline on deck for countries in the European Union.