Analysis of Hospitality Industry's Economic Impact and Growth

This report examines the significant contribution of the hospitality industry to the global economy, emphasizing its impact on employment, GDP, and economic growth at local, regional, and international levels. It highlights how sectors like event management, hotels, and tour operators drive innovation and development by attracting global capital. The report discusses market entry strategies, such as licensing, franchising, and partnerships, for companies like Clearwater Event Management. It further explores the industry's role in creating employment opportunities, generating revenue for local economies, and stimulating infrastructure development. The analysis includes statistical data on job creation and GDP contributions in various regions, underscoring the hospitality industry's importance as a key driver of economic progress. The report also provides an overview of the contemporary hospitality industry and its impact on local, national, and international economies, as well as the industry's growth, employment, and contribution to national income and foreign exchange earnings.

As hospitality industries like event management, hotels, tour operators and
more contributes a major role in developing economy at international level,
therefore, an increase in global capital will result in more innovation and
development. The impact of hospitality industry on global economy can be seen in
terms of employment, where they provide more than 266 million jobs and
contributed over 9.5 percent of GDP at international level. Along with this, via
increasing in growth in hospitality industry, it is expected that GDP at global level
will increase continuously; therefore, this sector will be recognized as a key driver
at the local, regional and global level of economic growth. For this purpose, to
enter into new market, Clearwater Event Management can adopt a number of
approaches like licensing, franchising, partnership and more. These approaches
help in getting support to move business via increasing availability of resources,
capital and more.
With growing hospitality industry at international level, opportunity for
employment, revenue generation for local economies and stimulation of
infrastructure development like roads and public transportation etc. are also
increases continuously. All these things aid to improve and increase economy of
each nation and increase the standardisation of people with growth of GDP rate.
Contribution of hospitality industry to local, national and
international economies:
As per the report given Phil Davis, it has been evaluated that the most
developing and fastest growing industry in today’s world is only
hospitality industry. It is projected for creating more than 500,000
employments, which concludes as support 10% of the workforce of
world population until 2022. In UK, hospitality industry considered as
the fourth largest sector, which is accounted for approx... 3.2 million
Jobs offer with 2.8 million indirect, as per surveyed by British
Hospitality Association via mentioned in Ignite Economics
commissioned. This would have shown the significant contribution of
hospitality industry to economy, within each country. Similarly, at local
and national level, contribution of this industry can be measured in
terms of national income, FDIs, diversification, Foreign Exchange
earnings and more. With growing industry, companies like cruise,
airlines, hotels, tour operators, event management and more, provide a
number of job employment to local people, which helps them in earning
for livelihood. Along with this, hospitality and tourism industries also
brought over £73 billion to GDP of UK economy in 2016, including
more than £161 billion as indirect way, £38 billion through direct tax
receipts and £15 billion in trading.
Contemporary Hospitality Industry