Transcript Benefits of Tourism - asccaribbeanstudies

Benefits of Tourism
Corthwright Marshall
Research & Development Officer
Ministry of Tourism & Civil Aviation
Tourism enriches
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Individual
Families
Communities
All the World
Tourism
2005 Tourism Satellite Accounting
Highlights:
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In 2005, Travel &
Tourism is expected to
generate:
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US$ 6,201.49 billion of
economic activity
10.6% of total GDP
221,568,000 jobs or 8.3%
of total employment
Caribbean Highlights:
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14.8 per cent of the Caribbean’s GDP (2004)
2.4 million jobs representing 15.5 per cent of total
employment
4.1 per cent GDP annual growth over the next 10
years
2.8 per cent annual growth in Travel & Tourism
employment over 10 year period
share of GDP and employment to 16.5 and 17.1
per cent respectively by 2014
INDIRECTLY ACCOUNTS FOR:
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2,416,500 jobs representing 15.5
percent of total employment
US$28.4 billion of Gross
Domestic Product (GDP)
equivalent to 14.8 percent of total
GDP
US$7.4 billion of Capital
Investment or 21.7 percent of
total investment
US$1.9 billion of Government
Expenditures or an 8.2 percent
share.
Benefits of Tourism to local economy
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Travel & Tourism is without question the
foremost export sector in Antigua and
Barbuda and possesses the inherent ability to
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diversify the Caribbean economy
stimulate entrepreneurship
catalyze investment
create large numbers of sustainable jobs
help social development in local communities.
ECONOMIC IMPACT
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IN 2005, ANTIGUA AND BARBUDA'S TRAVEL
& TOURISM IS EXPECTED TO GENERATE
XCD2,259.1
MN
(US$836.7
MN)
OF
ECONOMIC ACTIVITY (TOTAL DEMAND)
THE
INDUSTRY'S
DIRECT
IMPACT
INCLUDES:
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10,573 jobs representing 35.0 percent of total
employment
UD$218.6 million (or XCD 590.2 million) of Gross
Domestic Product equivalent to 25.) percent of total
GDP.
ECONOMIC IMPACT cont’d
SINCE TRAVEL & TOURISM TOUCHES ALL
SECTORS OF THE ECONOMY, ITS REAL
IMPACT IS EVEN GREATER. ANTIGUA AND
BARBUDA'S TRAVEL & TOURISM ECONOMY
DIRECTLY AND INDIRECTLY ACCOUNTS
FOR:
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28,662 jobs representing 95.0 percent of total
employment
US$751.0 million of Gross Domestic Product (GDP)
equivalent to 86.0 percent of total GDP;
US$231.4 million of Capital Investment or 51.8
percent of total Investment; and
US$61.8 million of Government Expenditures or 27.8
percent share.
Economic Forecast
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Contribution of Antigua and Barbuda’s
Travel & Tourism by 2015
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3.40% per annum, in real terms, between
2006 and 2015
32,454 jobs, one in every 1.1 jobs
US$12,481 or 37.1% of GDP
52% of Capital Investment
Capital Investment
Travel & Tourism Government Expenditure
Market Share of Caribbean Total Demand
Market Share of World Total Demand
To maximize the benefits and ensure
regional spread
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Greater co-operation
between all leading
policy-makers – and
the private sector
Better management of
tourism growth
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Long-term planning
Tourism Strategic Plan
or Master Plan
REALIZING THE POTENTIAL
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Factors to ensure the sustainability of
future growth include:
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A favorable government fiscal policy
A climate that is conducive to business –
offering attractive incentives for investment
Sustained and effective marketing and
promotion
Environmentally friendly policies
Clearly defined, long-term development plan
Create Linkages
Safety and Security
Strategic Signals
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Creates new and diversified products/ markets/
services
Incorporate local communities in planning and
operation
Develop partnership between administrators and
operators
Create value
Invest in the environment
Improve host-tourist awareness
More focused and increased marketing and promotion
“ It is the objective of my Ministry and the
Government of Antigua and Barbuda to create
the environment where we do not only teach
our people to smile but given them a reason to
smile. We intent to make this ideal the bedrock
of our new tourism policy”
Tourism Minister – Hon. Harold Lovell
Antigua & Barbuda
The Best Brand in Caribbean Tourism