The global travel and tourism sector is about to witness a visible slowdown in 2018 after experiencing the best outcome last year.
According to the 2018 Global Economic Impact and Issues report by the World Travel & Tourism Council, rising oil prices and stricter policies in America, the United Kingdom, and China will result in the downfall of the average growth of the travel and tourism sector by 4 percent in 2018 compared to 4.6 percent in 2017.
“As one of the world’s largest economic sectors, travel and tourism creates jobs, drives exports and generates prosperity across the world,” said Gloria Guevara, president, and CEO of the council. “2017 was the best year on record for the travel and tourism sector. We have seen increased spending as a result of growing consumer confidence, both domestically and internationally.”
With the employment growth leading to 118 million people worldwide the travel and tourism industry is seen as one of the most prominent and leading job-creating industry globally. Representing the 3.8 percent of all employment.
The most sought out destinations will encounter resilience as many have been hit by natural disasters last year Popular Caribbean island destinations damaged by hurricanes saw a drop in travel and tourism, especially the British and U.S. Virgin Islands.
“This power of resilience in travel and tourism will be much needed for the many established travel and tourism destinations that were severely impacted by natural disasters in 2017,” Guevara said. “WTTC and its members are working hard to support local communities as they rebuild and recover.”
Even as the tourism industry will see a prominent slide in 2108 experts believe that the weakening of American dollar in the world chart following no major policies affecting inbound tourism may raise a slight growth in the U.S.
