Travel & Tourism is one of the world's largest industry sectors and plays an integral role in the global economy. Beyond the direct economic contribution, it is a crucial element of international trade as well as closely interlinked with developments in investment and infrastructure.
The sector has to be understood as a key strategic pillar of economic development. Governments should develop policies to encourage and support industry growth, to ensure that the sector's economic and social impact flows through.
Alongside the general economic impact research, WTTC has published specific reports looking at how Travel & Tourism is linked to international trade as well as the relationship with investment and infrastructure.
Travel & Tourism Investment in ASEAN (2016): Travel & Tourism in ASEAN is forecast to grow by an average of 6.3% per annum by 2026, nearly 2 percentage point faster than the global average. The analysis here looks at the importance of investment to growth for each of the ten countries in the region and provides an assessment on how well each country is placed to meet the forecast growth in demand.
Travel & Tourism Investment in Europe (2015): Travel &Tourism is forecast to grow as fast, or faster, than the economies overall in every major European region. The analysis here looks at the importance of investment to growth in Travel & Tourism and provides data on the countries across Europe that will have the greatest infrastructural needs over the coming decade.
Travel & Tourism Investment in the Americas (2014): The analysis produced in this report shows that a strong and positive relationship exists between Travel & Tourism investment and Travel & Tourism demand. In the Americas region as a whole, Travel & Tourism infrastructure lags behind much of the world. Weaknesses in the current state of the Americas’ Travel & Tourism related infrastructure therefore threaten the growth potential of the sector within the region in the medium term.
Travel and Trade linkages (2014): This research, conducted with Oxford Economics, has identified that travel and in particular, air travel, has a wider benefit to trade and travel activity, supporting and even generating additional international trade. There is a causal relationship between travel and trade that is especially notable for business travel…The research model found that the volume of trade supported by business travel was equivalent to 35% of global trade growth in the ten years to 2010.