WTTC: China will top in tourism investment by 2025
The World Travel and Tourism Council projects that China’s investments in tourism, estimated to total US$278.7 billion, will overtake the USA by 2025.
The World Travel and Tourism Council (WTTC) projects that China’s investments in tourism, estimated to total US$278.7 billion by 2025, will overtake the USA’s to become top in the world. However, China will still trail the USA in terms of tourism contribution to GDP, direct GDP and domestic/overseas tourism consumption.
China forecast to be the top tourism industry investor in the world by 2025
The WTTC predicts high growth rate to continue for the tourism industry from 2015 to 2025, at a rate higher than the macro economy and other industries. It forecasts the tourism industry will help create 72.9 million new jobs, with 23.2 million direct employment in the industry.
WTTC has readjusted the projected annual growth rate of the global tourism industry’s gross output from 4.1% to 3.8% due to China’s economic slowdown, as China is playing an increasingly significant role in world tourism.
The global tourism industry is expected to increase its contribution to the GNP from 9.8% in 2014 to 10.5% in 2025, thanks to rising demand in emerging markets and increased consumer spending on tourism. Tourism’s contribution to total employment will go up from 9.4% in 2014 to 10.7% by 2025.
The tourism industry in South Asia will have the highest growth, at an average annual rate of 7% before 2025, and India’s tourism industry will grow at a faster rate than China’s. The countries that will see the fastest growth in tourism over the next ten years will be India, China, Thailand, Indonesia, Peru and Kenya.
In terms of tourism revenue, China will move up two ranks, overtaking Spain and France to rank second globally. By 2025, China, the USA, Germany and the UK will be the top four in terms of outbound tourism expenditure.(Translation by David)