Tourism in the 20th century as the business of attracting visitors and catering to their needs has grown as the world’s largest industry surpassing autos, seel, eectronics, ad agriculture (Sirgy & Su, 2000). I is undoubtedly a large source of foreign exchange, eployment and income. Tis shows that the economy of a nation depends on the travel and tourism industry and this is further endorsed by the fact that post September 11, te industry lost $1.36 billion in business because of a dramatic drop in bookings for flights, htel cr rentals and cruise.
Acording to the Travel Industry Wire (2009) tourism represents about 5% of GDP and 6% of jobs in G20 countries. Gobal tourism services exports amount to about $3 billion per day. Fr the world’s poorest countries travel and tourism is the main growth and trade driver. I fact because of the large size of the industry, i can play an integral role in the shift towards greener economy. Fr the developing economies it is the largest services export sector. Turism has a strong multiplier effect it fuels business growth, mkes sport and entertainment possible and sustains rural destinations.
I boosts trade for the world’s poorest countries. I generates jobs, ehances infrastructure and trade and development. Tavel and tourism promotes synergies between the public and private sector, gnerates profits as well as protects the social, ntural and the cultural environment. Te travel and tourism sector contributes to the country’s GDP and it is expected to rise from 9. 4 (US$5,474 bn) in 2009 to 9. 5 (US$10,478 bn) by 2019 (WTTC, 2007). A far as is concerned it contributes about 7.
6 of the total employment which means 1 in every 13. 1jobs by 2009 and one in every 11. 8jobs by 2019. Te real GDP growth from travel and tourism sector has decreased in 2009 from 2008 but in the next ten years it is expected to average 4. 0 per annum. Iternational visitors and tourism goods generate about 10. 9 of the total exports. Al these demonstrate the significant role that the travel and tourism, sctor has within the hospitality industry. Crrently travel industry employs 7.
7million Americans and generates more than US$740 billion in spending annually (Travel Mole, 2009). Te industry leaders contend that the Travel Promotion Act would be able to give the industry a boost and attract international visitors which in turn would...
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