Contributed by: Louise Twining-Ward, The World Bank Co-Authored by: Damien Shiels, The World Bank
The power of sustainable tourism as a driving force for progress has been proven time and again. In line with the World Tourism Day, The World Bank Group highlights the significance of intertwining tourism with development goals in their latest report. This initiative resonates with the global emphasis on Sustainable Tourism for Development, emphasizing its importance not only for visitors but also for host regions and its inhabitants.
Here's a breakdown of the pivotal reasons:
Promoting Stable Economic Growth Courtesy of The World Bank
- Fuels GDP Expansion: Travel and tourism, valued at USD7.6 trillion, substantially influence the global GDP.
- Amplifies Global Trade: With USD1.4 trillion in earnings, tourism is among the top global exports.
- Enhances Foreign Investments: The tourism and hospitality sector shines as a dominant avenue for foreign investments.
- Paves the Way for Infrastructure: Tourism often catalyzes the enhancement of vital utilities and facilities.
- Backs Economies in Transition: Noticeably, emerging economies experienced a tourism surge and subsequent revenue uplift in recent years.
Fostering Social Cohesion, Job Creation, and Alleviating Poverty Courtesy of The World Bank
- Job Creation Dynamo: Travel and tourism consistently generate employment opportunities globally.
- Ensures All-round Growth: Due to its vast nature, tourism can potentially uplift large communities.
- Empowers Countryside Economies: Rural tourism spurs diversified growth, offering employment to the young and marginalized.
- Infuses Life into Cities: Amidst booming urbanization, cities leverage tourism to rejuvenate and grow.
- Facilitates Earnings through Modern Tech: The digital transformation in travel means more innovative income avenues.
- Uplifts Women: With women prominently represented, tourism stands out for its gender-inclusive nature.
- Augments Craftsmanship: Local artisans can tap into global markets via tourism.
Championing Eco-consciousness, Ecological Conservation, and Climate Advocacy Courtesy of The World Bank
- Champions Natural Preservation: The demand for eco-tourism funds and prioritizes conservation efforts.
- Amplifies Climate Advocacy: Tourism is at the forefront of sustainable practices and climate education.
- Drives Maritime Economic Activities: Tourism significantly fuels marine-based industries, emphasizing marine preservation.
Celebrating Cultural Essence, Richness, and Legacy Courtesy of The World Bank
- Safeguards Historical Monuments: Revenue from tourism aids in maintaining heritage landmarks.
- Celebrates Cultural Traditions: Tourism can resurrect and safeguard diverse cultural practices and art forms.
Enhancing Global Solidarity, Harmony, and Stability Courtesy of The World Bank
- Encourages Benevolence: Tourism is a vehicle to promote charitable activities among travelers.
- Advocates Global Amity: Tourism fosters peace by facilitating cultural exchanges and understanding.
- Bolsters Rehabilitation Post-Crisis: In regions marred by conflict, tourism plays a pivotal role in rebuilding.
For an in-depth analysis, delve into the full report titled "The Undeniable Impact of Sustainable Tourism on Development."
Over half a century since The World Bank's initial tourism-centric projects in Morocco and Tunisia, tourism's role as a sustainable growth pillar remains irrefutable. This World Tourism Day, we urge stakeholders to harness the vast potential of tourism.
Originally shared on the World Bank Group Private Sector Development Blog.