Tourism Contributes 10% to Global GDP -- But Which Countries Need It Most?
Wang Yuanli
DATE:  Oct 31 2017
/ SOURCE:  Yicai
Tourism Contributes 10% to Global GDP -- But Which Countries Need It Most? Tourism Contributes 10% to Global GDP -- But Which Countries Need It Most?

(Yicai Global) Oct. 31 -- Global tourism revenue makes up 10 percent of the world's gross domestic product, according to the World Economic Forum's Travel & Tourism Competitiveness Report 2017.

One of out every 10 jobs comes from the sector, which has an average growth rate far higher than global economic development, the report says, and in some countries, tourism is the main driver behind national economic growth.

Countries and regions which rely heavily on tourism tend to have smaller populations and are economically undeveloped. They are distributed quite evenly around the globe. Hong Kong attracts huge tourist numbers from the Chinese mainland thanks to its history, culture and location. Half way around the world, Iceland, with a population of only 330,000, is extremely dependent on tourism, welcoming more visitors each year than it has residents.

There are only eight countries and regions in the world where tourism makes up less than 2 percent of national GDP. They are Canada, Luxembourg, the Netherlands, Poland, Ukraine, Russia, Taiwan and South Korea. Most are in Europe, where countries tend to rely less on money from tourism.

Interestingly, the countries with the largest tourism industries are also the world's largest economies: the US, China, Germany, Japan, the UK and France. Their tourism sectors make up 2 to 5 percent of their respective GDPs, suggesting some reliance on the industry.

In terms of competitiveness within the sector, European countries stand strong. Spain, France and Germany rank top three, while the UK, Italy and Switzerland also make the top 10. The US, Australia, Canada and Japan fill the remaining four spots among the ten toughest competitors.

China moved up two spots in the rankings this year, climbing to 15. The world's second largest economy claimed the top spot in cultural resources and came fifth in the rankings for natural landscapes.

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Keywords:   TOURISM,Travel,Life,ECONOMIC GROWTH