Tourism Driving The Global Economy: WTTC

The World Travel & Tourism Council (WTTC) has released a new Social Impact Paper focusing on the travel & tourism sector, which has been compiled to showcase the importance of travel & tourism as a driver of social impact.

This paper is part of a major WTTC initiative and that will see further work in the future.

The first iteration of the initiative is the Social Impact Paper, which shows how much of an important role travel & tourism plays, not only in driving economic growth, but also in enhancing social progress across the world through its diverse and inclusive nature, ability in enriching communities and as a creator of jobs and alleviating poverty, and catalyst for innovation and entrepreneurship.

It indicates that raising awareness and understanding of the social impact of travel & tourism has always been tremendously important but is that much more critical in light of the devastating impact of COVID-19 on Travel & Tourism globally.

This research, undertaken in collaboration with the Social Progress Imperative (SPI), shows significant correlations between WTTC’s Economic Impact Report data and Social Progress Index scores over the last decade. Specifically, total contribution of Travel & Tourism to GDP and Employment positively and significantly affects Social Progress Index scores; with China, Cambodia, Rwanda and Sri Lanka highlighted as particularly strong performers.

Gloria Guevara, president & CEO, WTTC said: “WTTC is proud to release this important research focusing on social impact, which highlights how critical Travel & Tourism is to our world.”

Guevara continued: “Travel & Tourism is one of the most diverse sectors, employing people from all socio-economic backgrounds regardless of age, gender or ethnicity, with almost 54% of whom are women and up to 30% youths.

“After nearly a full year of insecurity and hardship that has come from the COVID-19 pandemic, the time could not be more appropriate to celebrate the importance of the sector.”