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TRAVEL faster than the global economys growth of 3.2%. It outpaced overall economy growth for the eighth consecutive year Travel one quarter (25%) came from China while the USA provided a further 12%. Other major contributors include India with a 6% share, while Turkey, France and Japan each contributed 4% to the sectors growth in 2018. MANUFACTURING TRAVEL in Greece, Portugal and the UAE, it created a remarkable 71%, 60% and 47% of all new jobs, respectively. Our forecasts show that there will be 100 million additional Travel & Tourism jobs created across the world over the next ten years. This means that one in every four new jobs will be created by the sector over the next decade. Asia-Pacific will account for 68% of all jobs generated during this period, with China alone accounting for 41%. CHART 5: TRAVEL & TOURISM TOTAL CONTRIBUTION TO EMPLOYMENT AND SHARE OF NET JOB CREATION (2013-2029) 35% 30% 25% 20% 15% 10% 5% 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026 2027 2028 2029 T& T contribution to employment (%) Net job creation (%)3 See wttc/-/media/files/reports/2019/generating-jobs-for-youth.pdf and wttc/-/media/files/reports/2019/driving-womens-success-2019.pdf for further details on the importance of Travel & Tourisms employment to youth and women GLOBAL ECONOMIC IMPACT &TRENDS 2019 | 92 | TRAVEL & TOURISMS CONTRIBUTION TO REGIONAL ECONOMIES 02 TRAVEL & TOURISMS CONTRIBUTION TO REGIONAL ECONOMIES 3.5 CHART 6: REGIONAL TRAVEL & TOURISM GDP % GROWTH (2018) 2018 Growth highlighted in green when it is above global Travel & Tourism GDP growth of 3.9% Latin-America and the Caribbean: In Latin America, Travel & Tourism grew by 2.4%, more than twice as fast as the overall economy. Growth has been driven by international visitor spending on the back of falling currencies (e.g. Argentina), visa relaxation (e.g. Brazil) and as some countries (e.g. Ecuador) open up to foreign airline operators. Indeed, the fastest growth was witnessed in Ecuador (21.6%), while some of the larger Travel & Tourism economies (Brazil, Colombia and Peru) also witnessed respectable levels of growth. In the Caribbean, Travel & Tourisms growth of 2.1% continues to be driven by the post-hurricane recovery. AMERICAS US$2.3 TN TOTAL CONTRIBUTION TO GDP 2.3% North America: Travel & Tourism GDP growth reached 2.3% in 2018. The USA remains the main driver of regional activity, accounting for 83% of North Americas Travel & Tourism total contribution to GDP (and 18% of global contribution). Growth in the USA (+2.2%) was fully driven by the domestic market while inbound spending declined by a marginal 1%. The drop in inbound spending is attributed both to the dollars strengthening against many other currencies resulting in international visitors spending less on their trips, and a slowing of visits in the second half of the year, particularly from Germany and key Asian markets (China, South Korea and Japan). Indeed, international visitor numbers from China were flat in 2018, caused in part by deteriorating trade relations between the two countries. 44.2 MN EMPLOYMENT CONTRIBUTION 10 | WORLD TRAVEL & TOURISM COUNCIL
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