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Travel & Tourism Essay Example

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Travel & Tourism

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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, steel, electronics, and agriculture (Sirgy & Su, 2000). It is undoubtedly a large source of foreign exchange, employment and income. This 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, the industry lost $1.36 billion in business because of a dramatic drop in bookings for flights, hotel rooms, car rentals and cruise. According to the Travel Industry Wire (2009) tourism represents about 5% of GDP and 6% of jobs in G20 countries. Global tourism services exports amount to about $3 billion per day. For the world’s poorest countries travel and tourism is the main growth and trade driver. In fact because of the large size of the industry, it can play an integral role in the shift towards greener economy. For the developing economies it is the largest services export sector. Tourism has a strong multiplier effect as it fuels business growth, makes sport and entertainment possible and sustains rural destinations. It boosts trade for the world’s poorest countries. It generates jobs, enhances infrastructure and trade and development.Travel and tourism promotes synergies between the public and private sector, generates profits as well as protects the social, natural and the cultural environment. The 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). As far as employment is concerned it contributes about 7.6% of the total employment which means 1 in every 13.1 jobs by 2009 and one in every 11.8 jobs by 2019. The 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. International visitors and tourism goods generate about 10.9% of the total exports. All these demonstrate the significant role that the travel and tourism, sector has within the hospitality industry.Currently the travel industry employs 7.7 million Americans and generates more than US$740 billion in spending annually (Travel Mole, 2009). The 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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preview essay on Travel & Tourism
  • Pages: 8 (2000 words)
  • Document Type: Essay
  • Subject: Unsorted
  • Level: Masters
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