The World Travel & Tourism Council (WTTC) estimated that the travel & tourism (T&T) industry would contribute directly $4.2bn to the Lebanese economy in 2013, equivalent to 9.2% of GDP, and that direct industry employment will reach 117,700, representing 8.7% of total employment in Lebanon this year.
It expected the sector's direct contribution to the economy to grow by 1.8% in real terms in 2013 and its direct contribution to employment to decline by 2.1% this year. It added that, since T&T touches all sectors of the economy, its real direct and indirect impact is even greater, and forecast it will generate $11.4bn or 24.5% of overall economic activity in Lebanon in 2013, including 316,800 jobs that represent 23.5% of total employment. It expected the sector's overall contribution to GDP to increase in real terms by 2.3% and its aggregate contribution to employment to decrease by 1.8% in 2013.
The WTTC expected Lebanon to rank in 118th place in terms of the forecast growth rate of the sector's total contribution to GDP in 2013, in 125th place in terms of the forecast growth rate of the industry's direct contribution to GDP, in 169th place in terms of the forecast growth rate of the sector's total contribution to employment, and in 94th place in terms of the industry's direct contribution to employment in 2013.
The WTTC said that the T&T industry's direct contribution to Lebanon's economic activity will rise to LBP11,112.9bn in 2023 in constant 2012 prices, equivalent to 9.6% of GDP; while the broader T&T economy will contribute LBP30,915.7bn, or 26.8% of GDP by 2023. It projected the T&T economy in Lebanon to grow by 6.1% per year in real terms between 2013 and 2023 compared to 4.8% in the Middle East and 4.4% globally over the same period of time; while the T&T direct industry will grow by 5.8% per year in real terms during the 2013-2023 period compared to a 4.8% real growth rate in the Middle East and 4.4% in the world. Lebanon ranks in 22nd place worldwide in terms of the sector's annualized growth rate over the 2013-23 period and in 27th place in terms of the expected growth of the sector's direct contribution to GDP over the covered period.
Further, the WTTC projected the T&T direct industry jobs to grow by 2.2% per year in real terms and reach 146,400 or 9.8% of total jobs in Lebanon by 2023; and forecast employment in the T&T economy to rise by 2.3% per year in real terms and total 398,400 jobs overall, equivalent to 26.6% of total employment by 2023. In comparison, the WTTC forecast direct industry employment in the Middle East to grow by 3.4% over the 2013-23 period and to account for 2.7% of total employment, while it forecast the T&T economy employment to grow by 3.5% and to account for 7.2% of total employment in the region. Lebanon ranks in 77th place in terms of the expected growth of the sector's total contribution to employment and in 94th place in terms of the industry's direct contribution to employment during the 2013-23 period.
Lebanon This Week – Byblos Bank
24 March
