By C and A Bilkey - 4/6/ 2019
The tourism industry is a big industry, and a lot of countries are highly reliant on it to boost their economy. But which countries get the best economic boost? According to Forbes in 2016 the top 3 countries that had the biggest economic boost were Spain, Portugal, and Mexico. From this chart below, you can see the top 15 countries in the world placed in chronological order from highest to lowest with the percentage of their GDP of their country from the tourism industry alone.
The World’s Biggest Industries
The tourism industry is listed as one of the biggest industries in the world. Some of the biggest industries in the world are the Financial Industry, the Food Industry. This shows the importance of the tourism industry and how it plays a big part in our day-to-day lives. But why is it so important in our day-to-day lives? People are always going to need to get from point A to point B. For example, taking a trip from the United States to Hawaii that falls under the category of the tourism industry, so imagine everyone taking trips in the world and then on top of what they are spending while they are travelling. It is estimated that tourists spend around $1 trillion dollars every single year. Imagine if all countries world-wide got a small percentage of that, this is going to have a big economic impact, let-alone countries being a lot more dominant than others in terms of having more tourists visiting their country every year.
The Economic Importance of the Tourism Industry
Tourism is especially important in Spain for their economy every year. The tourism industry in Spain makes up at least 10% of their nation’s GDP. In 2016 Spain had a total of 82 million international tourists visit their country. Majority of the tourists that travel to Spain visit their best-known attractions, like their historical buildings and their popular beaches. According to the government in Spain, international tourists that visit Spain spend around 87 billion Euros every year. With these foreign tourists spending this much each year Spain’s economy has benefited greatly; giving them the ability to create new employment opportunities. Not only one job, a whole variety of them, like restaurant, airport services and management of hotels, also this money often goes into the funding of educational institutions around Spain, to educate students, in hospitality. Without having the senior staff at their work spending too much time in training them, to excel in their job and manage themselves.
Portugal’s economy is reliant on the international tourists that visit Portugal every year. The tourism industry in Portugal contributes to around 9% of the nation’s GDP every year. Portugal is well-known for its beautiful beaches and historical sites; it has been ranked in the list of the top 5 places to visit in Europe, for quite some time. Portugal’s economy expansion is similar to how Spain’s economy expanded. For example, Portugal has had an increase in commercial air travel, which has made more employment opportunities for Pilots, Airport Shuttles and other related airport services. Resorts in Portugal like Figueira da Foz, became in huge demand; particularly because of the Spanish tourists visiting this Resort. In 1960 this caused the accommodation to triple in its size by expanding out by using, camping grounds, caravan sites and hostels.
Mexico is a country where there is a lack of balanced funds distributed within their country because of this there is corruption in their society. Compared to other countries in the top 3 Spain and Portugal; the wealth distribution is more evenly balanced and distributed amongst their economy. Mexico is more separated between the rich and the poor. This being the case Mexico is heavily reliant on foreign investment into their economy for example from international tourists that visit their country every year. A big project that had taken place that had enhanced Mexico’s economic growth was the opening of their new airport terminal in Cancun, one of Mexico’s Caribbean coasts. Mexico predicts that this new airport terminal will allow for up to 5 to 10 million passengers come in every year. With this airport terminal and the tourists visiting each year, money will be invested into travel insurance companies, health, schools and the hospitality industry creating more job opportunities for Mexican residents and citizens.