The Economic Impact Of The Travel And Tourism Industry

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Introduction General background “Tourism is a collection of activities, services, and industries which deliver a travel experience comprising transportation, accommodation, eating and drinking establishments, retail shops, entertainment businesses and other hospitality services provided for individuals or groups traveling away from home" – UNWTO (World Tourism Organization). The tourism industry has remarkable impact on global economics by developing itself into one of the largest and highest growth industry in the world. The industry has been able to withstand rising global terrorism, frequent financial crisis and natural calamities for uninterrupted growth in past six decades. The international tourism receipts earned US$ 2 billion in 1950, to US$ 104 billion in 1980, and US$ 1,220 billion in 2016 (UNWTO, 2017). The direct contribution of travel and tourism to GDP was US$ 2,306 billion in 2016 and is forecast to rise by 4.0% pa from 2017-2027. Taking account of combined direct, indirect and induced economic impact; the total contribution of Travel and Tourism industry was US$ 7,613.3bn in 2016. In 2016, the total contribution of Travel and Tourism to employment was 9.6% of total employment (292,220,000 jobs). This is expected to rise by 1.9% in 2017 to 297,896,000 jobs and rise by 2.5% pa to 381,700,000 jobs in 2027 (WTTC, 2017). The introduction of tourism in Nepal started after a restoration of democracy in 1952, since then tourism industry has made remarkable growth
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