U.S. Is World’s Biggest Travel and Tourism Economy in 2015
March 23, 2015The United States will retain its status as the world’s largest Travel & Tourism economy in 2015 ahead of China and Germany, according to research published March 24 by the World Travel & Tourism Council (WTTC).
In 2014, the sector contributed US$1,402 billion in GDP and 13.7 million jobs to the U.S. economy.
During 2015, the sector’s GDP contribution is forecast to grow by 3.1 percent and employment by 1.7 percent. This demonstrates the sector’s enduring ability to generate economic growth and create jobs.
By the end of 2015, the Travel & Tourism sector will contribute US$1,445 billion, 8 percent of the GDP of the United States, and 13.9 million jobs, over 9 percent of total employment, once all direct, indirect and induced impacts are taken into account.
The U.S. continues to rank ahead of China, Germany, Japan and the U.K. when measured by the economic contribution of Travel & Tourism to GDP.
David Scowsill, WTTC president and CEO, said: “The U.S. is the world’s largest Travel & Tourism economy, with the sector contributing over $1.4 trillion to the wider economy. Ours is one of America’s largest economic sectors. It drives jobs and economic growth; well-being and prosperity. It creates jobs at different skill levels for all segments of society and in areas where other employment opportunities are scarce.
“Success of the kind experienced by the U.S. does not happen by accident, and the country has taken great strides through visa liberalization and international market in recent years to attract more overseas visitors and to make those visitors feel welcome. However, there is still more that could be done and I would urge the Obama Administration to expand further the visa waiver program and to implement policies to address the future talent shortage in the sector.”
Research conducted for WTTC shows that the sector could employ 647,000 fewer people and contribute $76 billion less in GDP to the U.S. economy over the next 10 years, when compared to WTTC current growth forecasts, if government and private companies fail to implement policies that promote proactive and careful talent management.
The unprecedented research on talent gaps in Travel & Tourism quantifies and frames the sheer scale of the human resource challenge for America’s Travel & Tourism sector and the potential impact of the skill shortage on the long-term projections.
Scowsill continued: “According to WTTC forecasts, Travel & Tourism has the potential to contribute 17.2 million jobs and 8.7 percent of GDP to the American economy by 2025. However, this growth will not happen by itself. Rather, it needs progressive government policies in the areas of human resource development and visa liberalization to realize that potential.”
Every year, WTTC forecasts the economic impact of the Travel & Tourism sector in more than 180 countries and 24 regions. For 2015, these forecasts show a sector that is, yet again, growing strongly, creating jobs and driving growth. By the end of the year, the contribution to GDP across the world from Travel & Tourism will have grown by 3.7 percent and the sector will contribute 284 million jobs, or one in 11 of all jobs on the planet, once all the indirect and induced benefits are taken into account.
David Scowsill, President & CEO WTTC, said: “At a time of global economic uncertainty, Travel & Tourism is an enduring source of job creation and a driver of growth for almost every country and every region in the world.”