#TouristSpending

[phonemantra-blog]

The World Travel & Tourism Council's (WTTC) latest Economic Impact Research (EIR) paints a bright picture for Oman's tourism industry in 2024 and the coming decade. With strong government backing and strategic initiatives, the sector is projected to not only recover from the pandemic but achieve record-breaking growth. This article delves into the details of the WTTC report, exploring the current state of Oman's tourism sector, its projected growth trajectory, and the factors contributing to this positive outlook. Oman's Tourism Industry Poised A Robust Recovery and Record-Breaking Projections The WTTC report highlights a significant upswing in Oman's tourism industry in 2023: GDP Contribution Surges: The Travel & Tourism sector's contribution to Oman's GDP saw a remarkable 35% increase in 2023, reaching OMR 2.8 billion. This growth momentum is expected to continue, with projections indicating the sector's GDP contribution surpassing previous records in 2024. Job Growth on the Rise: The sector experienced a robust 15% increase in job creation in 2023, currently employing approximately 191,500 individuals nationwide. This trend is expected to persist, with forecasts predicting further job growth in the coming years. Increased Tourist Spending: International visitor spending in Oman witnessed a dramatic 69% increase in 2023 compared to 2022, injecting OMR 1.1 billion into the economy. Domestic tourism also saw a significant rebound, with spending reaching OMR 1.4 billion. These positive developments solidify Oman's position as a leading tourist destination in the Middle East. Strategic government investments and support are credited with rejuvenating the tourism industry and setting the stage for continued growth. Optimistic Outlook for 2024 and Beyond The WTTC report forecasts a promising future for Oman's tourism industry in 2024 and the coming decade: 2024 Projections: GDP Contribution: The sector's contribution to Oman's GDP is projected to increase to over OMR 3.3 billion in 2024, representing 7.6% of the nation's total economy. Employment: Job creation is expected to continue, with forecasts predicting over 206,000 people employed in the tourism sector, translating to one in fourteen individuals working in this industry. Tourist Spending: Domestic visitor spending is expected to reach OMR 1.5 billion in 2024, surpassing pre-pandemic levels. International visitor spending is also projected to climb steadily, albeit not reaching 2019 figures just yet. Long-Term Outlook (2034): GDP Contribution: By 2034, the sector's annual contribution to Oman's GDP is projected to reach OMR 5.4 billion, translating to 9.8% of the total economy. Employment: The tourism sector is expected to employ over 265,600 people by 2034, with one in thirteen residents working in this industry. These projections paint a promising picture for Oman's economic future, with tourism playing a significant role in driving growth and creating jobs. A Strong Showing in the Middle East The WTTC report also highlights the positive trajectory of the broader Middle Eastern tourism industry: 2023 Growth: The Middle Eastern Travel & Tourism sector experienced impressive growth of over 25% in 2023, reaching nearly $460 billion. Job Creation: The sector saw a significant increase in jobs, with nearly 7.75 million people employed in tourism-related roles. Increased Spending: International visitor spending witnessed a remarkable 50% rise in 2023, reaching $179.8 billion. Domestic tourism spending also climbed by 16.5%, surpassing $205 billion. Looking ahead, the WTTC forecasts continued growth for Middle Eastern tourism in 2024, with projections predicting a rise in GDP contribution, job creation, and visitor spending across the region. Oman's Government and Industry Leaders React to the Report Government Backing: The WTTC report highlights the critical role of the Omani government in supporting the tourism industry's revival. As quoted in the report, Julia Simpson, WTTC President & CEO, acknowledges the government's strong support and its aim to achieve unprecedented economic growth and job creation through tourism.

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