Growth in Panama Travel and Tourism

World Body Predicts Further Growth in Panama Travel and Tourism
- Newsroom Panama

An estimated $8.29 billion to Panama’s GDP (13.9%) in 2013 and 7.1% growth is forecasted for 2014. The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the sector was 233,956 jobs (13.5% of total employment). Travel & Tourism investment was $715.4million or 6.0% of total investment. andis projected to rise by 12.1% in 2014.

The figures were released Wednesday, March 19 by the World Travel and Tourism Council in a Panama Economic Impact Report.

Each year, (WTTC) undertakes an economic analysis of the impact of the Travel and Tourism sector in 184 countries.
In 2013, globally:Travel & Tourism contributed US $7. trillion to the global economy in 2013 and is expected to grow by 4.3% in 2014.
The total global contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry was 265,835,000 jobs (8.9% of total employment) – one in 11 of all jobs on the planet.

David Scowsill, President & CEO of WTTC, says 2013 proved another successful year for the sector; “Travel & Tourism’s contribution to the world economy grew for the fourth consecutive year in 2013, helped especially by strong demand from international travellers. Visitor exports, the measure of money spent by these international tourists, rose by 3.9% at a global level year on year, to US$1.3 trillion, and by over 10% within South East Asia. 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.”

However, Mr Scowsill reminds governments that they need to take action; “The outlook for Travel & Tourism for the next ten years looks extremely favorable, with growth forecast of more than 4% annually. This will require Governments to implement more open visa regimes and to adopt intelligent rather than punitive taxation policies. 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.”

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