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WTTC Research: SME Productivity Could Unlock $63 Billion in Tourism GDP

2 reports, 1 independent Updated Sun 00:00
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What happened

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The World Travel & Tourism Council (WTTC) released research showing that a 10 per cent productivity uplift among small and medium-sized enterprises (SMEs) could unlock US$63 billion (AU$90 billion) in direct travel and tourism GDP across eight major economies, including the United States and Germany. A 5 per cent increase in productivity could add US$31 billion (AU$44 billion). The WTTC also announced a goal to help one million tourism SMEs join its community.

From travelweekly.com.au

Why it matters

Some supportBrind's analysis of the reports

SMEs constitute over 85 per cent of global travel and tourism businesses. The WTTC stated that these findings would guide its advocacy efforts with governments and international institutions regarding skills, finance, digitalization, and market access for these businesses. Andrea Grisdale and the International Chamber of Commerce participated in a summit panel discussing how SME productivity drives GDP growth.

From travelweekly.com.au

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  • Aman ResortsSpeculative

    Luxury resort chains like Aman Resorts could potentially see increased demand and revenue if SME productivity drives greater tourism GDP.

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