Tourism and Hospitality Industry in BRIC Nations

Abstract

Travel and tourism is the largest service industry globally in terms of gross revenue, foreign exchange earnings and leading employment generators. More than two dozen nation's economic developments have been dependent on tourism and hospitality activities. Thus, most of the countries have realised that tourism and hospitality industry is the major engines of growth for developing their economies. The present study aims to analyse the contribution of BRIC (Brazil, Russia, India and China) nation in the area of travel and tourism. This study is based on WTTC reports on Travel and Tourism Economic Impact 2009 to 2015. The BRIC nations have been selected as these countries that have huge touristic potentials. These nations have breadth and global presence in travel and tourism at global level. The analysis presents the direct contribution of travel and tourism (T&T) on GDP – GDP generated by industries that deal directly with tourists, including hotels, travel agents, airlines and other passage transport services, and the activities of restaurant and leisure industries that deal directly with tourists. The results of the study reveal that, China remains the most important emerging economy in the area of travel and tourism. India continues to have fastest growing economy in the world after China. Moreover, the continuous growth and development in tourism and travel activities will further nurture economies of these countries and will have a place in global tourism in coming future.