Tourism and Travel

The travel and tourism industry has evolved over the past six decades into one of the world’s most significant economic sectors, contributing 9.5 per cent (US$7 trillion) to global GDP, 5.8 per cent of all exports globally (US$1.1 trillion) and 4.5 per cent of total global capital investment (US$652 billion).1 The United Nations World Tourism Organisation (UNWTO) estimates that international tourism arrivals have expanded at a constant average rate of over 5 per cent annually (despite severe interim economic downturns) from 25 million arrivals in 1950 to 1,087 million arrivals in 2013. The growth of the industry has not only outpaced that of financial and business services, but also transport and manufacturing.2 The tourism sector is moreover the biggest employer globally providing 1 in 11 of all jobs (nearly 266 million jobs) and is the principal foreign exchange earner for 46 out of 49 developing countries.3