Monday, November 28, 2011

Singapore - Travel & Tourism Economic Impact 2011

Singapore continues to rank among the most preferred holiday destinations for many travellers across the world. A tour to Singapore is desired by travellers of all interests for a trip to its myriad unique sightseeing attractions, or to indulge in glamorous shopping or for tasting its scrumptious cuisines, or just pampering oneself with the finest of hospitality in its ultra luxurious or cheap budget hotels.

Tickets on cheap flights to Singapore seem to have a short shelf life; they are sold as soon as they are announced. Yet epicureans vie for cheap flights to Singapore and book tickets months in advance. The tiny city-state is as popular among the regional tourists as it is with the global holiday makers. Flights to Singapore from adjoining countries in the region are as popular as flights to Singapore from across the Pacific or Atlantic oceans. This popularity has caused Singapore’s Economy to grow at a rapid rate adding to elements like country’s GDP and employment.

World Travel & Tourism Council aims to capture travel and tourism’s indirect and induced impacts on economy through its annual research. It reveals that travel and tourism’s total contribution is far greater than its direct contribution to Singapore’s economy.

Its recent report revealed that the total contribution of Travel & Tourism to GDP, including its wider economic impacts, is forecast to rise by 5.8% pa from SGD25.6bn in 2011 to SGD45.1bn by 2021. The total contribution of Travel & Tourism to employment, including jobs indirectly supported by the industry, is forecast to rise by 3.2% pa from 197,000 jobs in 2011 to 268,000 jobs by 2021.

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