The just-released World Travel and Tourism Council (WTTC) report, in conjunction with research partner Oxford Economics, heralds ongoing good news for the global tourism sector and, in particular, Grenada in the Caribbean.
- Travel and Tourism sector accounted for 9.5% of global GDP in 2013 (WTTC)
- Grenada to attract 120,000 international tourists in 2014, rising to 175,000 by 2024 (WTTC)
- Spice Island’ to host 2014 Cricket Caribbean Premier League starting on 11th July 2014
Travel and Tourism the fastest growing sector in the world.
According to the report, 2013 proved to be another successful year for the Travel and Tourism industry as a whole, with the sector’s contribution to global GDP growing for the fourth consecutive year. In 2013 the Travel and Tourism sector contributed a significant 9.5% of global GDP ($7 trillion USD). This both outpaced the wider economy and also showed growth which was faster than any other notable sectors, including financial and business services, transport and manufacturing. In total, nearly 266 million jobs were supported by Travel and Tourism in 2013, constituting one in eleven of all the positions in the world.
This ongoing rise is said to be helped especially by strong demand from international travelers. Visitor exports (the measure of money spent by these international tourists) rose by 3.9% at a global level year on year to USD $1.3 trillion; and over 10% within South East Asia. Growth in demand from emerging markets continues with pace, as large rising middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.
Forecasts remain positive for the next decade.
The outlook for 2014 remains positive, with Travel and Tourism GDP growth forecast to reach 4.3%. This is largely driven by higher consumer spending as the recovery from recession gathers pace. Tourists are expected to spend more per trip and stay longer on their holidays in 2014. Profitability for travel companies (and other associated businesses) should also start to edge upwards, bringing further opportunities for new job creation. This good news looks set to continue for the next ten years, with predicted growth rates of over 4% annually.
Grenada continues to shine.
In Grenada, specifically, the predicted figures are up slightly to a higher-than-average 4.5% per year, representing a significant 55% ten year growth. Grenada also continues to be forecast as the third fastest developing country in the Caribbean for tourism, behind St. Lucia and St. Kitts & Nevis. Grenada is expected to attract 120,000 international tourists in 2014, with this figure rising to 175,000 by 2024.
The island of Grenada is definitely attracting an increasing amount of interest, from investors and the Travel and Tourism sector alike. In addition to its stunning, internationally acclaimed beaches (including Grand Anse, Petite Anse, Morne Rouge Bay, La Sagesse and Gouyave Bay to name but a few), the Isle of Spice is fast becoming a hotspot for sporting events.
‘Pure Grenada’ becomes a sporting Mecca.
Already well regarded as a world class sailing destination (Island Water World Grenada Sailing Week), Grenada has now been named host to the Caribbean Premier League opener for cricket. The Guyana Amazon Warriors and Antigua Hawksbills will contend the opening fixture of this year’s Caribbean Premier League at the National Cricket Stadium in Grenada on 11th July.
Grenada has also been chosen as host venue for the 2016 CARIFTA Games, the annual athletics competition founded by the Caribbean Free Trade Association. St. Kitts will host the 2015 fixture. Grenada won its 2016 host position over Turks and Caicos Islands, St Lucia and The Bahamas. A brand new, Chinese government funded, athletics and football stadium is under construction especially for the forthcoming event.
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