May 24, 2016 / by Karen Hughes / No Comments

The travel and tourism industry, it's just a huge part of our economy.
Karen Hughes

The tourism industry across the globe has been consistent in terms of growth and diversification and therefore is one of the fastest-developing industries. With the rapid development of infrastructure and the exploration of new destinations, the tourism industry has witnessed immense growth in recent years and is yet to meet its full potential. The socio-economic development of the tourism industry can be attributed to increasing urban development, growing technology and increasing investments.

The business generating from the tourism industry has left some of the big sectors of the economy like automobiles, exports, etc. behind. Developing countries are heavily relying on the revenue generated from the tourism industry. Tourism today has been industrialised, and both developed and developing nations are tapping the potential in this sector to produce ‎economic and employment benefits in their economies. The contribution of tourism in the economic well-being of any nation depends on what it has to offer to its public. The United Nations World Tourism Organization (UNWTO) assists countries in making their tourist destinations sustainable in the ever-complex national and international markets. As a UN agency ‎dedicated to tourism, the UNWTO believes that developing countries, particularly, stand to ‎benefit from sustainable tourism, and as a promoter of tourism, it strives to make this a reality.‎

The developed nations have witnessed exponential growth in their economy because of growing tourism. It has also added to the employment in these nations. Thus, the UNWTO recommends developing countries to review their tourism policies to increase the inflow of tourists.

As per a press release issued by the UNWTO, “International tourist arrivals grew by 4.4% in 2015 to reach a total of 1,184 million in 2015. Some 50 million more tourists (overnight visitors) travelled to international destinations around the world last year as compared to 2014. The year 2015 marks the 6th consecutive year of above-average growth, with international arrivals increasing by 4% or more every year since the post-crisis year of 2010.”

The press release further states, “Results from the UNWTO Confidence Index remain largely positive for 2016, though at a slightly lower level as compared to the previous two years. Based on the current trend and this outlook, UNWTO projects international tourist arrivals to grow by 4% worldwide in 2016. By region, growth is expected to be stronger in Asia and the Pacific (+4% to +5%) and the Americas (+4% to +5%), followed by Europe (+3.5% to +4.5%). The projections for Africa (+2% to 5%) and the Middle East (+2% to +5%) are positive, though with a larger degree of uncertainty and volatility.”

With every passing year, adventure lovers and entertainment seekers look out for unexplored destinations. This ultimately adds to the revenues generated in the economy when those tourists visit such places. Countries which were once considered unsafe are today being explored by tourists. Many countries in Western Asia, Eastern Europe and Central Asia are now part of the bucket list of tourists worldwide.

Tour operators operating in the Internet world are making best use of the networking technology to revolutionise the tourism industry. Monitoring of travel trends by agencies has greatly helped in pushing this industry forward in the global economy.

World of Business prides itself as a business magazine that brings to its readers decent coverage on the global tourism sector, with inputs from trade gurus, experts and research agencies. The magazine also features interviews of eminent personalities from this sector. The magazine regards consumer feedback as an important tool for understanding the overall perspective on the industry and therefore makes sure it bases its content objectively.