The World Travel & Tourism Council recently released research showing how oil-dependent countries can benefit from diversifying their economies through travel and tourism. The report states low oil prices will result in an increase in travel in coming months, and points to oil-dependent countries that have already boosted their income through tourism, with the United Arab Emirates the leading example. Other similar countries to invest in tourism in the last three years and see significant growth include Azerbaijan, Colombia, Qatar and Saudi Arabia.
“Travel and tourism is hugely important to the global economy, as it contributes $7.2 trillion, which is 9.8 per cent of GDP. WTTC encourages oil-dependent countries to recognize the potential our sector can bring to their economies, especially in the current situation where income from oil export is declining. It should also be recognized that the sector is a tremendous stimulator of employment, supporting over 284 million jobs worldwide,” said David Scowsill, president and CEO, WTTC.
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