banner_9.jpg
banner_274.jpg
Home » News » Business » Tourism industry to grow by 5.8 %

Tourism industry to grow by 5.8 %

Publishing Date : 16 April, 2018

Author : REARABILWE RAMAPHANE

The World Tourism & Travel Council (WTTC) has projected that the tourism industry’s direct contribution to the country’s GDP will grow by 5.8 % in 2018. WTTC’s Annual Research report indicated that the direct contribution of Travel & Tourism to Botswana‘s Gross Domestic Product was BWP7, 129.6 million in 2017.

 
The tourism industry is one of Botswana cardinal economic sectors, contributes significantly to government revenue, creating a whole value chain of Small Medium Enterprises (SMEs) and supporting other macro businesses that account for significant shares in Botswana’s economic setup. Tourism is the second foreign income earner after the lucrative Mining sector, particularly the diamond industry.


The WTTC further  reveals that the sector’s total contribution to the  GDP was BWP21, 496.5 million (USD2, 072.9mn) in 2017 accounting for  11.5% of GDP  further suggesting  a rise of  4.9% in 2018, and a rise of 4.5% pa to BWP34, 874.2 million, 11.7% of GDP in 2028.
According to the report ,  in 2017 Botswana’s Travel & Tourism industry  directly supported 26,000 jobs which equates to 2.6% of the country‘s  total employment, forecasting that in 2018 the sector share on Botswana’s employment  will  go up by 4.3%  and  continue to grow by  4.5% pa to 42,000 jobs  in 2028.


The 2028 projection suggests that the sector will support 3.4 % of Botswana‘s total employment then.  In 2017 visitors that graced Botswana’s attractive places generated BWP7, 119.6 million accounting for 7.4% of the country’s total exports. The WWTC further projects that the visitor’s export will realize an increase of 5.7 % in 2018 and grow by 4.6% pa, from 2018-2028, to BWP11, 791.1 million. In 2017 the industry investment stood at BWP4, 596.8 million which was 8.3% of total investment. “It should rise by 3.3% in 2018, and rise by 4.5% pa over the next ten years to BWP7, 357.2mn (USD709.5mn) in 2028, 8.6% of total,” states the Annual research report by the global tourism entity.


The organization observed that Tourism is one of the world’s largest economic sectors, creating jobs, driving exports, and generating prosperity across the world. The annual analysis of the organization on global economic impact of Travel & Tourism reveals that in 2017 the sector accounted for 10.4% of global GDP and 313 million jobs (9.9%) of total employment.


The WTTC has been providing outlook and analysis, quantifying the economic and employment impact of Travel & Tourism for the past 25 years. The Annual Economic Report covers 185 countries and 25 regions of the world, providing the necessary data on 2017 performance as well as unique 10-year forecasts on the sectors potential.


According to the Organization 2017 was one of the strongest years of GDP growth in a decade with robust consumer spending worldwide. “This global growth transferred again into Travel & Tourism with the sector’s direct growth of 4.6% outpacing the global economy for the seventh successive year. As in recent years, performance was particularly strong across Asia, but proving the sector’s resilience, 2017 also saw countries such as Tunisia, Turkey and Egypt that had previously been devastated by the impacts of terrorist activity, recover strongly.”


WTTC observed that the power of resilience in Travel & Tourism will be much needed for the many established Travel & Tourism destinations that were severely impacted by natural disasters in 2017. “While our data shows the extent of these impacts and rates of recovery over the decade ahead, beyond just numbers, WTTC and its Members are working hard to support local communities as they rebuild and recover.”


Inclusive growth and ensuring a future with quality jobs are the concerns of governments everywhere. Travel & Tourism, which already supports one in every ten jobs on the planet, is a dynamic engine of employment opportunity. Over the past ten years, one in five of all jobs created across the world have been in the sector and, with the right regulatory conditions and government support, nearly 100 million new jobs could be created over the decade ahead. Experts note that over the longer term, forecast growth of the Travel & Tourism sector will continue to be robust as millions more people are moved to travel to see the wonders of the world.

Cartoon

Polls

Do you think the closure of BCL will compel SPEDU to double their efforts in creating job opportunities in the Selibe Phikwe?

banner_14.jpg
banner_12.jpg

POPULER BRANDS