Bahrain tourism sector to grow 7.6pc in 2014
Manama, March 19, 2014
Bahrain's travel and tourism industry is poised to grow 7.6 per cent this year, thus contributing BD1.23 billion ($3.22 billion), about 10.2 per cent of the GDP, to the economy, said a report.
The total contribution of travel & tourism to the Kingdom's employment, including jobs indirectly supported by the sector, rose to 73,740, about 10 per cent of total employment, stated the World Travel Tourism Council (WTTC) in its report 'The Bahrain Economic Impact Report.'
The report underlines the economic and social relevance of the travel & tourism industry in Bahrain as well as its potential over the next decade.
According to WTTC, the total investment in the sector surged to BD154.5 million or 6.8 per cent of total investment. It is projected to rise by 6.6 per cent in 2014, it added.
Each year, the council undertakes an economic analysis of the impact of the travel & tourism sector in 184 countries.
Globally the sector contributed a whopping $7 trillion to the global economy in 2013 and is expected to grow by 4.3 per cent this year, said the report.
The total global contribution of the sector to employment, including jobs indirectly supported by the industry was 265.8 million jobs (8.9 per cent of total employment).
According to WTTC, one in 11 of all jobs on the planet was related to the travel and tourism sector.
David Scowsill, the council president & CEO said: "2013 proved another successful year for the sector. Its contribution to the world economy grew for the fourth consecutive year helped especially by strong demand from international travellers."
Visitor exports, the measure of money spent by these international tourists, rose by 3.9 per cent at a global level year on year, to $1.3 trillion, and by over 10 per cent within South East Asia, noted Scowsill.
"It is clear that the growth in Travel & Tourism demand from emerging markets continues with pace, as the burgeoning middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders," he added.
However, the WTTC chief reminds governments that they need to take action.
"The outlook for Travel & Tourism for the next ten years looks extremely favourable, with growth forecast of more than four per cent annually. This will require governments to implement more open visa regimes and adopt intelligent rather than punitive taxation policies," he remarked.
"It is also critical that public and private partnerships ensure that long term infrastructure and human resource needs are planned responsibly and sustainably, to absorb the inevitable growth that we are forecasting. If the right steps are taken, Travel & Tourism can be a true force for good," added Scowsill.-TradeArabia News Service