The Economic Importance of the Hospitality Industry. The hospitality industry is developing very fast and is responsible for almost 10% of the planet's (Gross Domestic Product) (GDP) which represents the financial value of all goods and services produced within a nation’s geographic borders over a specified period of time.
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Answer:
The World Travel and Tourism Council (WTTC) names the hospitality industry's importance as a main driver in global value creation. Recent figures published by the WTTC suggest a global contribution of 8.8 trillion USD to the global economy in 2018, representing 10.4 percent of the world's total GDP.
