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Global travel industry seen 'resilient' despite slowing growth - Reuters
The global travel industry is likely to expand by 4 percent in 2019 despite slowing economic growth in key areas such China and Europe, but a no-deal Brexit could wipe out 700,000 travel-related jobs, a top industry association said on Tuesday.
The travel and tourism sector grew 3.9 percent to $8.8 trillion in 2018, accounting for 10.5 percent of global gross domestic product, and outpacing global GDP growth of 3.2 percent, Gloria Guevara, president and chief executive of the World Travel & Tourism Council (WTTC), told Reuters.
Based on data from 185 countries, the group forecasts steady growth of 4 percent this year, given continued demand from China, the second largest travel and tourism market behind the United States, and other countries in Asia.
The global travel industry is likely to expand by 4 percent in 2019 despite slowing economic growth in key areas such China and Europe, but a no-deal Brexit could wipe out 700,000 travel-related jobs, a top industry association said on Tuesday.
The travel and tourism sector grew 3.9 percent to $8.8 trillion in 2018, accounting for 10.5 percent of global gross domestic product, and outpacing global GDP growth of 3.2 percent, Gloria Guevara, president and chief executive of the World Travel & Tourism Council (WTTC), told Reuters.
Based on data from 185 countries, the group forecasts steady growth of 4 percent this year, given continued demand from China, the second largest travel and tourism market behind the United States, and other countries in Asia.