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The travel and tourism industry is a major generator of jobs. In 2019, the industry created 330 million jobs worldwide, which accounted for 10.4% of total global employment. In the United States, the travel and tourism industry created 9 million jobs in 2019, which accounted for 7.1% of total U.S. employment.
2. Economic Impact
The travel and tourism industry is also a major contributor to the global economy. In 2019, the industry generated $9.2 trillion in global GDP, which accounted for 10.4% of total global GDP. In the United States, the travel and tourism industry generated $1.9 trillion in GDP in 2019, which accounted for 7.1% of total U.S. GDP.
3. Tax Revenue
The travel and tourism industry also generates a significant amount of tax revenue for governments. In 2019, the industry generated $1.5 trillion in tax revenue worldwide. In the United States, the travel and tourism industry generated $226 billion in tax revenue in 2019.
4. Balance of Payments
The travel and tourism industry also helps to improve a country's balance of payments. When tourists visit a country, they spend money on goods and services, which helps to generate foreign exchange earnings for the country. In 2019, international tourism receipts amounted to $1.7 trillion.
5. Cultural Exchange
The travel and tourism industry also plays an important role in promoting cultural exchange. When tourists visit a country, they learn about the local culture and history, and they often develop a greater understanding and appreciation for other cultures.
6. Environmental Benefits
The travel and tourism industry can also have a positive impact on the environment. For example, the industry can encourage the development of sustainable tourism practices, which can help to protect the environment and promote conservation.
Overall, the travel and tourism industry is a vital part of the global economy. It creates jobs, generates economic impact, produces tax revenue, improves balance of payments, promotes cultural exchange, and can have a positive impact on the environment.