A new study by the World Travel & Tourism Council (WTTC) and VFS Global predicts that Latin America’s travel and tourism sector could add US$260 billion to the regional economy and generate 8 million new jobs within the next decade. The report outlines key policy recommendations to achieve this growth, including infrastructure development, streamlined visa processes, and enhanced marketing campaigns.
The World Travel & Tourism Council (WTTC) forecasts a record-breaking year for Canada’s Travel & Tourism sector, with an economic contribution expected to reach an all-time high of $182 billion in 2024. This represents an 8.1 billion dollar increase from the previous peak in 2019, showcasing the sector’s significant role as an economic force, generating one in every 15 dollars of economic activity.
San Luis Obispo County (SLO CAL) is celebrating National Travel and Tourism Week with remarkable news. Visitor spending in the region remained steady at $2.32 billion in 2023, solidifying tourism as a vital economic force. This consistent performance generated substantial benefits for the county, including $60.1 million in transient occupancy tax revenue and the creation of 22,830 jobs in various sectors. The tourism industry’s positive impact extends beyond job creation, contributing an impressive $110 million in local tax revenue. This revenue helps support local businesses, preserve the community, and avoid significant tax hikes for SLO CAL households. The announcement coincides with the national National Travel and Tourism Week, underscoring the crucial role of tourism in economic growth and job creation.
New research by Oxford Economics reveals London Gatwick Airport’s significant contribution to the UK economy in 2023, highlighting its role in supporting economic activity and employment. The airport contributed £5.5 billion to the economy, supporting over 76,000 jobs, reaching levels close to pre-pandemic figures. The economic impact was primarily concentrated in the South East region, including West Sussex, East Sussex, Surrey, Kent, Brighton and Hove, and Croydon.
President Biden’s recent interview with CNN was riddled with false and misleading statements, prompting fact checkers to denounce his claims as “a lie a minute.” From boasting about his job creation record to downplaying inflation, Biden’s statements were met with widespread criticism.
The Victorian Government is providing significant funding initiatives to enhance the presence of sporting, cultural, and entertainment events in regional areas, aiming to attract visitors, create jobs, and support local businesses. The $38 million Regional Events Fund will offer grants of up to $500,000 for events with national or international appeal, and grants of up to $50,000 to support marketing and attract visitors from within the state. This funding has already supported over 350 events across regional Victoria, contributing to the state’s $37.8 billion tourism economy.
India’s services industry continued to expand in April, supported by robust domestic and international demand. The HSBC final India Services Purchasing Managers’ Index (PMI) fell slightly to 60.8 in April from 61.2 in March, but remained one of the highest growth rates in nearly 14 years. New business sub-index reached a three-month high, indicating positive market conditions. While global demand remains strong, export orders moderated slightly. Despite strong business optimism, job creation remained muted. Input costs increased at a rapid pace, but firms were able to pass on some of the burden to customers.
Surjit Bhalla, former India executive director at the International Monetary Fund (IMF), has claimed that an unprecedented number of jobs have been created under the Narendra Modi government, averaging around 10 million over the last 7-8 years. He highlighted that the Modi government’s job creation record is the highest on record in Indian history, while the least number of jobs were created during the UPA government period from 2004 to 2013. The report also noted that the share of unemployed youths in India’s total unemployed population was nearly 83% in 2022, with frictional unemployment being higher among the youth worldwide.
According to preliminary estimates from the Reserve Bank of India (RBI), India has witnessed a remarkable increase in employment opportunities, with an estimated 30 million new jobs created in the financial year 2022-23. This significant growth, primarily attributed to the low job base during the pandemic years, has pushed the total number of employed individuals to 580 million. The data, derived from the Periodic Labour Force Survey (PLFS), forms part of the RBI’s KLEMS database, which offers insights into key production inputs like capital, labor, energy, materials, and services. The KLEMS data, which is expected to be released in the coming months, is crucial for developing informed economic policies. It provides granular information on the inputs used in production processes and the output generated by the economy, while PLFS data provides valuable insights into the size and composition of the labor force, employment trends across various sectors and demographic groups, and unemployment rates.
Arlington, Texas, is experiencing a surge in economic growth with the potential approval of a business agreement with E-Space, a technology company planning to establish its North American headquarters in the city. The agreement would result in the construction of the first phase of E-Space’s project west of the Arlington Municipal Airport, creating hundreds of new jobs. Mayor Jim Ross and the city council are also in discussions with GAC Media and Acciona to relocate their headquarters to Arlington, part of a larger effort to attract businesses and expand the city’s economic base.
