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With reference to a particular geographical region or nation, analyse and critically evaluate how the current global economic condition is likely to affect the future growth of the Tourism and/or Hospitality Industry - Essay Example

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as it ranks third among the country’s export earners. Statistics reveals that international visitors spend over £18 billion annually in the U.K. (World Travel & Tourism Council 2006). In addition, the…
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Extract of sample "With reference to a particular geographical region or nation, analyse and critically evaluate how the current global economic condition is likely to affect the future growth of the Tourism and/or Hospitality Industry"

Download file to see previous pages The figures represent significant growth in the tourism industry relative to 1999 in which, there were about 25.5 million foreign visitors that contributed approximately £61 billion and that the industry employed only 1.8 million people (World Travel & Tourism Council 2006). This shows the extent to which the economy of the U.K. depends on the tourism industry. Recent survey also shows that the tourism industry of the country continues to grow despite the backdrop caused by economic recession witnessed in recent times. This paper explores the current global economic conditions likely to affect the future growth of the tourism industry in the U.K.
Tourism has become an important industry to many countries, which relies on it as a source of foreign exchange and employment (World Travel & Tourism Council 2006). The U.K. is an example of countries whose economies highly depend on the tourism industry. As such, the government of the U.K. has put in place measures aimed at promoting tourism in the country. This includes building modern infrastructural facilities, maintenance of peace and political stability, and ensuring that tourist attraction sites are well managed to attract as many tourists in the country (Aramberri and Butler 2005, p.215-218).
As earlier stated, the U.K. tourism sector is the third export earner for the country after chemical and banking industries. The U.K. is also ranked seventh biggest tourism industry in the world according to 2011 economic survey (World Travel & Tourism Council 2006). This industry contributes billions of shillings to the country’s gross domestic products (GDP). The recent figures showed that the industry received approximately £18 billion from foreign tourists who also contributed another £3 billion in the form of taxes and duties. The sector also employs more than 2.6 million U.K. citizens who depend on the sector for their source of income and ...Download file to see next pagesRead More
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