COMCEC Tourism Outlook 2017
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7 Conclusion
Tourism industry has enjoyed continued expansion and diversification, becoming one of the
most rapidly developing industries in the world. Tourism has evolved into a global phenomenon
– one of the most important economic sectors and social activities of the time.
Tourism continues to be an important economic sector capable of attracting foreign direct
investments and supporting sustainable economic development, the production of fairly
distributed wealth, the creation of employment opportunities and poverty alleviation,
particularly in developing countries and the Least Developed Countries.
According to the UNWTO statistics, 1.235 million international tourists travelled in 2016 with
an average annual increase of over 4% since the year 2000. Tourism sector which already
accounts for 10 percent of World GDP is an important source of employment and foreign
exchange that should be supported by governments around the world as part of the policies for
stimulating economic growth.
From the period 1980 to 2016, international tourism receipts —which are the export value of
tourism, including international passenger transport—increased from US$125 billion in 1980
to US$ 1,220 billion in 2016 (UNWTO, 2017a) denoting a solid increase in four decades. In real
terms, this corresponds to an average growth of 4 percent a year, which has almost the same
pace as tourist arrivals.
The sector faces some challenges every year and 2017 is likely to be no different. Three main
factors influenced tourism flows in 2015 and 2016; the exchange rate fluctuations, the decline
in the price of oil and other commodities which increased disposable income in importing
countries, as well as increased global concern about safety and security (UNWTO, 2017a).
However, the growth in tourism sector will continue at a stronger rate than last year, with the
total contribution to GDP expected to increase by 3.9% in 2017. This growth will require OIC
Member Countries to adopt a concerted and coordinated approach to planning and development
within the industry, governments and educational institutions to ensure that they fulfill their
potential in the future.
Considering the modest share of the OIC Member Countries in international tourism market, it
is evident that the inherent potential has not yet been fully realized and manifested itself in
desirable levels. OIC Member States need to understand how they can strengthen the position
of their tourism industry in response to current global economic challenges and remain
competitive among emerging destinations, within a sustainable development perspective.
As in the case of OIC tourist arrivals, tourism receipts in the Member Countries are concentrated
in a small number of countries, almost the same countries of the main OIC tourist destinations.
The share of international tourism receipts in the total exports of each member country
indicates that tourism plays a significant role in the economies of member countries and
constitutes an important source of foreign exchange earnings.