April 27, 2017 1:12 am

These Places Would Go Belly-Up If It Wasn’t For Tourism

When you’re in a secluded island in the middle of nowhere, about the only way that you can build an economy and keep your country running is through tourism. The World Travel and Tourism Council (WTTC) data for the year 2012-2013 shows us to what extent the countries are dependent on tourism and rely heavily on tourists and the money that they pump into the economy.

It’s not only about how much the tourism industry contributes towards the GDP, but also about how much employment it generates for the locals that live on that island and how the industry is most popular for investment. Out of the top 10 countries on the list given by the WTTC, most of them are based in the Caribbean, South Pacific and the Indian Ocean.

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One of the exceptions to this rule is Macau, also known as the “Safe Haven Island” for Chinese tourists who’re looking to gamble. The direct GDP contribution of Macau from travel and tourism goes as high as 46.7% making it number one on the list. Travel and tourism are even responsible for 51% of employment on the island. According to Macau Business Daily, the all-time monthly record of nearly 32% growth in the Macau gambling revenue was met in October this year. Out of all the capital investment in the country, 42.3% comes from tourism.

Next on the list were the British Virgin Islands with 27.1% of the GDP being a result of travel and tourism providing 32.8% employment followed closely by Aruba with 26.5% of the GDP coming from the tourism industry providing 29.9% of employment and contributing 29.8% towards capital investment.

Others that are heavily dependent on tourism and travel for their economy to function are Seychelles, Anguilla, Maldives, Bahamas, Antigua and Barbuda, Vanuatu and Cape Verde.

For more news on tourism and GDP growth, keep visiting us.

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Gareth Jones

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