Philippines

Published on Wednesday, February 27, 2019

Travel and tourism growing faster than healthcare and IT sectors

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The global Travel & Tourism sector grew by 3.9% last year to contribute a record $8.8 trillion and 319 million jobs to the world economy.

This growth was above the growth rate of world GDP for the eighth consecutive year, according to the latest figures from the World Travel & Tourism Council.

It makes travel and tourism the second fastest growing sector in the world, behind only manufacturing, which grew by 4%.

It is growing faster than healthcare (3.1%), information technology (1.7%) and financial services (1.7%)

The WTTC research showed that in 2018 travel and tourism is now responsible for one in five of all new jobs created in the world over the last five years.

Gloria Guevara, WTTC president & CEO, said the sector is forecast to contribute 100 million new jobs globally over the next 10 years, accounting for 421 million jobs by 2029.

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