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The importance of tourism in the global economy

With one central focus — the quest to quickly, confidently and sustainably lift the world out of the current economic crisis — the G20 came together in London to engage in never seen before deliberations and negotiations around development of an interdependent solution. Despite the temptations to look backwards, point fingers sideways and delegate responsibility forwards, the pains of the world, both economically and socially, were too distracting for G20 members to do anything but deal with the issues at hand.

Tourism an Important Sector of Economy Development

Through the G20 Summit, and over the past year of intensifying economic turmoil, a number of new world truths have emerged. No single nation, no single leader, no single action can yield holistic recovery and evolution of the global economic community. Leadership is found in both the power of one and the power of all. Secondly, every single individual has an impact on, and is impacted by, the state of our global economy. Borders and boundaries have been erased across the globe when it comes to individual buying power.

Whether we are purchasing books, budget airplane tickets or foreign bonds, we are able to cross border with one single click or one simple call in to a local retailer. As a result our actions have consequences, far reaching, both in terms of geography and impact. Thirdly, where we are today is not only a result of a crisis in the economy.

Tourism and its impact on the global economy

It is also the result of a crisis of conscience. The economic recession has triggered off a severe emotional recession.

Critical to recovery of the global economic system is trust in the system. Stimulus packages now being applied to major markets around the world will not only seek to restimulate collapsing businesses, they will seek to restimulate consumer confidence in buying so that banks can regain confidence lending again. The reason for this goes far beyond the image and appeal of travel, be it for business or leisure purposes.

  • The situation is serious;
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  • Through the G20 Summit, and over the past year of intensifying economic turmoil, a number of new world truths have emerged;
  • Through the G20 Summit, and over the past year of intensifying economic turmoil, a number of new world truths have emerged;
  • Artisans, architects, advertisers, travel agents or government advisors — everyone has a valuable part to play to deliver a unique, compelling and competitive tourism experience which will sustainably attract visitors for business or leisure travel purposes.

It is far, far more fundamental than that. In addition to the money which travellers directly inject into the places to which they travel, the sector has proven its ability to be a powerful attractor of investment.

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  • We must keep moving;
  • Critical to recovery of the global economic system is trust in the system;
  • When it comes to business, it has become essential in breaking down barriers and out of date perceptions about who we used to be.

These funds, be they FDI or other, are then able to be channeled towards the development of essential infrastructure needed by the destination for Tourism sector development, as well as general infrastructure. Mass transport systems, airports, ICT networks, safety and security services, sports and leisure facilities, hotels and attractions. All of these areas of destination engineering receive strong support from investments made to uplift and increase the competitiveness of the Travel and Tourism sector.

The Travel and Tourism sector has become a valuable driver of the strengthening of the focus, fabric and future advancement of nations. Governments across the globe have recognised the importance of the sector in the unification and development of both the economic and social dimensions of the nation. In defining the Travel and Tourism sector as a priority of the government of a destination, political leaders of the destination begin the process of shaping the identity and core objectives for growth.

Importantly, the Travel and Tourism sector has proven to be invaluable in bringing together people of the destination around a shared national identity and invitation to the world, regardless of age, race, religion, profession, personality and political point of view.

The low barriers of entry of the sector make it possible for all people of the destination to play a role in the sector and therefore the tourism community and economy. Artisans, architects, advertisers, travel agents or government advisors — everyone has a valuable part to play to deliver a unique, compelling and competitive tourism experience which will sustainably attract visitors for business or leisure travel purposes.

A world on the move

Over the past decade the world has flattened and perspectives have broadened. Travel is no longer about movement from logistical A to B. It is about social movement, economic movement, spiritual movement, the movement of cultures closer to one another. When it comes to business, it has become essential in breaking down barriers and out of date perceptions about who we used to be.

And, interestingly, travel has become a form of personal therapy — the opportunity to escape, experience, exhale…whatever the need may be in these increasingly stressful times.

The Growing Importance of Travel & Tourism to the Global Economy [infographic]

It is one of the largest employment sectors in most countries and a fast entry vehicle into the workforce for young people and women in urban and rural communities. Societies are more resilient, more creative, more connected and more committed to future prosperity than any other time in history.

Immediately following the recent G20 Summit in London Mr. This is increasingly important due to the role tourism can play in combating the current crisis. The situation is serious. And recovery will take time.

The global importance of tourism

Travel and Tourism is, however, one way to keep the wheels of the global economy turning. Increased activity in the sector will not only enable us to fulfill our personal wishes and wants — it will also help nations caught in the clutches of the economic crisis to break free and rebuild both their economies and spirits.

We must keep moving.