Tourism sector to see 4% growth in next 10 yrs
By A Staff Reporter
Nepal will see a boost in tourism contribution to the economy, employment, visitors export (arrivals) and investment, said the World Travel and Tourism Council (WTTC) report 2018.
The WTTC report on Impact of Travel and Tourism said that the direct contribution of Travel and Tourism to the Gross Domestic Product (GDP) will rise by 4.9 per cent against 4 per cent – Rs. 99.8 billion – in 2017. However, the total contribution will grow by 5.2 per cent this year.
It also forecast that the travel and tourism sector will witness a steady growth of 3.9 per cent per annum from 2018-2028 which will ultimately rise the share of contribution to the GDP to 4.2 per cent.
Similarly, according to the report, the total contribution of this sector to employment, including jobs indirectly supported by the industry was 6.6 per cent of total 1.02 million jobs in 2017 which is expected to rise by 4.2 per cent in the current year with additional 1.07 million jobs.
The travel and tourism sector employment will increase by 2.1 per cent annually to 1.32 million jobs in 2028.
It has estimated that the visitor exports – money spent by foreign visitors to a country – will contribute about 32 per cent to the total exports after a decade which was 28 per cent in 2017.
“The visitor exports should rise by 7.6 per cent in 2018, and rise by 4.7 per cent per annum over the next ten years to Rs. 29.4 billion. The country is expected to attract 1.04 million international tourist arrivals this year,” read the report.
It said that by 2028, international arrivals were forecast to total 1.67 million generating expenditure of Rs. 127.1 billion, an increase of 5.2 per cent every year.
Likewise, the travel and tourism sector investment will rise by 7.6 per cent this year. Total investment in this sector last year was 17.3 billion, 2.3 per cent of the total investment.
As per the reports’ global ranking, Nepal stands at 120 out of 185 countries in terms of travel and tourism’s total contribution to the GDP. It is at 49th position in terms of travel and tourism sector growth and 102nd in long-term growth.
Nepal is holding the fourth Summit of BIMSTEC next week. The regional body is expected to discuss various issues pertaining to connectivity, investment,...