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Economic Contribution and Employment Opportunities of Tourism and Hospitality Sectors

The Emerald Handbook of Tourism Economics and Sustainable Development

ISBN: 978-1-83753-709-9, eISBN: 978-1-83753-708-2

Publication date: 18 September 2024

Abstract

A lot of research and studies have focused on how tourism might help a country's economy growth in recent years. Year after year, governments throughout the world pump a ton of money into tourist infrastructure because everyone knows it boosts economies. These days, tourism is a major force in the growth and prosperity of nations. According to data from the World Travel and Tourism Council and the World Tourism Organization, the tourism sector supported 320 million jobs, or 10% of all employment, and generated 10.4% of the world's GDP (gross domestic product) in 2018–2019. This sector is vital to the growth and economy of approximately 191 countries and 25 regions. The leisure industry received a disproportionate share of total expenditure (79% vs 22% for businesses), and it was responsible for 7% of all exports worldwide and 27.5% of all service exports. Domestic tourism accounted for 71.2% of all tourist expenditure in 2018–2019, with emerging nations witnessing the fastest rise. By fostering a sense of national pride and disseminating development and regional economic benefits, domestic tourism promotes possibilities. Without a doubt, novel advancements are possible atop these preexisting elements. As a means of economic progress, cultural exchange and the cultivation of mutual love, travel is becoming increasingly important as some countries turn inward.

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Citation

Modi, R.K. (2024), "Economic Contribution and Employment Opportunities of Tourism and Hospitality Sectors", Hunjra, A.I. and Sharma, A. (Ed.) The Emerald Handbook of Tourism Economics and Sustainable Development (Building the Future of Tourism), Emerald Publishing Limited, Leeds, pp. 293-306. https://doi.org/10.1108/978-1-83753-708-220241015

Publisher

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Emerald Publishing Limited

Copyright © 2024 Ravi Kant Modi. Published under exclusive licence by Emerald Publishing Limited