Travel & Tourism is forecast to contribute more to the South African economy in 2018 than in any other year, according to major new research released today by the World Travel & Tourism Council (WTTC).
WTTC forecasts that the sector will contribute ZAR424.5 billion to the overall economy in 2018, a rise of almost 3% on 2017, and the highest since WTTC forecasts began.
Gloria Guevara, President & CEO, WTTC, said: “Travel & Tourism creates jobs, drives economic growth and helps build better societies, which is particularly the case in South Africa. WTTC predicts that our sector will contribute more to the South African economy than in any other year, which makes it the perfect partner for the new administration to put at the heart of the Government’s long-term economic plans.”
Other highlights of the report released today show:
Travel & Tourism supported 1.5 million jobs in 2017 (9.5% of total employment)
By 2028 almost 2.1 million jobs in South Africa are forecast to be dependent on Travel & Tourism
Travel & Tourism contributes 9% of the total GDP of South Africa, once all the direct, indirect and induced benefits are taken into account
Guevara continued: “Globally, 2017 was one of the strongest years of GDP growth in a decade. Our sector now supports one in ten jobs on the planet and contributes 10% of global GDP. Over the past ten years, one in five of all jobs created across the world has been in the sector and, with the right support from Governments, nearly 100 million new jobs could be created over the decade ahead.”