Event Management: Hospitality

Added on - 21 Feb 2021

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As hospitality industries like event management, hotels, tour operators andmore contributes a major role in developing economy at international level,therefore, an increase in global capital will result in more innovation anddevelopment. The impact of hospitality industry on global economy can be seen interms of employment, where they provide more than 266 million jobs andcontributed over 9.5 percent of GDP at international level. Along with this, viaincreasing in growth in hospitality industry, it is expected that GDP at global levelwill increase continuously; therefore, this sector will be recognized as a key driverat the local, regional and global level of economic growth. For this purpose, toenter into new market, Clearwater Event Management can adopt a number ofapproaches like licensing, franchising, partnership and more. These approacheshelp in getting support to move business via increasing availability of resources,capital and more.With growing hospitality industry at international level, opportunity foremployment, revenue generation for localeconomiesand stimulation ofinfrastructure development like roads and public transportation etc. are alsoincreases continuously. All these things aid to improve and increase economy ofeach nation and increase the standardisation of people with growth of GDP rate.Contribution of hospitality industry to local, national andinternational economies:As per the report given Phil Davis, it has been evaluated that the mostdeveloping and fastest growing industry in today’s world is onlyhospitality industry.It is projected for creating more than 500,000employments, which concludes as support 10% of the workforce ofworld population until 2022. In UK, hospitality industry considered asthe fourth largest sector, which is accounted for approx... 3.2 millionJobs offer with 2.8 million indirect, as per surveyed byBritishHospitality Association via mentioned in Ignite Economicscommissioned.This would have shown the significant contribution ofhospitality industry to economy, within each country. Similarly, at localand national level, contribution of this industry can be measured interms of national income, FDIs, diversification, Foreign Exchangeearnings and more. With growing industry, companies like cruise,airlines, hotels, tour operators, event management and more, provide anumber of job employment to local people, which helps them in earningfor livelihood. Along with this,hospitality and tourism industries alsobrought over £73 billion to GDP of UK economy in 2016, includingmore than £161 billion as indirect way, £38 billion through direct taxreceipts and £15 billion in trading.Contemporary Hospitality Industry
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