Explain the growth of the hotel industry worldwide
Answers
Growth and performance in the worldwide hotel industry is highly correlated to the health of the economy. When parts of the world are in turmoil (war and political unrest), the industry suffers. During the first nine months of 2014, the world witnessed wars in the Middle East, an outbreak of the Ebola virus in Africa, two Malaysian passenger jet flight tragedies, and many countries reporting weak economies. Despite all of this bleak news, the standard of living is rising in China and India — two of the most populous countries in the world.
In 2014, as the rich got richer and corporate profits were strong, both business and leisure travel grew. Tourism and travel contributed to the growth of GDP in the United States and other countries around the globe. According to the World Travel & Tourism Council, in 2014 tourism and travel accounted for 9.6 percent of world GDP. By 2024, it is forecasted that this figure will rise to 10.3 percent.