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New World Travel and Tourism Council report confirms Grenada as a golden opportunity in the fastest growing global sector
May 21, 2014Article by Ray Withers
The just-released World Travel and Tourism Council (WTTC) report, in conjunction with research partner Oxford Economics, heralds ongoing good news for the global sector and, in particular, Grenada in the Caribbean.
Travel and Tourism the fastest growing sector in the world
According to the report, 2013 proved to be another successful year for the Travel and Tourism industry as a whole, with the sector’s contribution to global GDP growing for the fourth consecutive year. In 2013 the Travel and Tourism sector contributed a significant 9.5% of global GDP ($7 trillion USD). This both outpaced the wider economy and also showed growth which was faster than any other notable sectors, including financial and business services, transport and manufacturing. In total, nearly 266 million jobs were supported by Travel and Tourism in 2013, constituting one in eleven of all the positions in the world.
This ongoing rise is said to be helped especially by strong demand from international travellers. Visitor exports (the measure of money spent by these international tourists) rose by 3.9% at a global level year on year to USD $1.3 trillion; and over 10% within South East Asia. Growth in demand from emerging markets continues with pace, as large rising middle-classes, especially from Asia and Latin America, are willing and more able than ever to travel both within and beyond their borders.
Forecasts remain positive for the next decade
The outlook for 2014 remains positive, with Travel and Tourism GDP growth forecast to reach 4.3%. This is largely driven by higher consumer spending as the recovery from recession gathers pace. Tourists are expected to spend more per trip and stay longer on their holidays in 2014. Profitability for travel companies (and other associated businesses) should also start to edge upwards, bringing further opportunities for new job creation. This good news looks set to continue for the next ten years, with predicted growth rates of over 4% annually.
Grenada continues to shine
In Grenada, specifically, the predicted figures are up slightly to a higher-than-average 4.5% per year, representing a significant 55% ten year growth. Grenada also continues to be forecast as the third fastest developing country in the Caribbean for tourism, behind St. Lucia and St. Kitts & Nevis. Grenada is expected to attract 120,000 international tourists in 2014, with this figure rising to 175,000 by 2024.
The island of Grenada is definitely attracting an increasing amount of interest, from investors and the Travel and Tourism sector alike. In addition to its stunning, internationally acclaimed beaches (including Grand Anse, Petite Anse, Morne Rouge Bay, La Sagesse and Gouyave Bay to name but a few), the Isle of Spice is fast becoming a Mecca for sporting events.
‘Pure Grenada’ becomes a sporting Mecca
Already well regarded as a world class sailing destination (Island Water World Grenada Sailing Week), Grenada has now been named host to the Caribbean Premier League opener for cricket. The Guyana Amazon Warriors and Antigua Hawksbills will contend the opening fixture of this year’s Caribbean Premier League at the National Cricket Stadium in Grenada on 11th July.
Emmalin Pierre, Grenadian minister for youth, sports and religious affairs, tells us: “Grenada is delighted to host the opening of the 2014 Caribbean Premier League and we’re looking forward to showing off ‘Pure Grenada’ to the world. Grenadians are sociable, welcoming and fun-loving people, so it’s going to be a fantastic occasion – on and off the pitch – and we’re going to make sure the CLP feels right at home in the Spice Isle.”
Grenada has also been chosen as host venue for the 2016 CARIFTA Games, the annual athletics competition founded by the Caribbean Free Trade Association. St. Kitts will host the 2015 fixture. Grenada won its 2016 host position over Turks and Caicos Islands, St Lucia and The Bahamas. A brand new, Chinese government funded, athletics and football stadium is under construction especially for the forthcoming event.
Investment opportunities as golden as the beaches
Ray Withers, CEO of Property Frontiers, comments: “It’s great to see Grenada attracting so much positive attention. The World Travel and Tourism Council report says “If the right steps are taken, Travel and Tourism can be a true force for good” and I couldn’t agree more. This is particularly true in emerging markets which offer favourable business climates and incentives for investors – such as Grenada, which is tipped to be the fastest growing market in the Caribbean between 2011 and 2021.”
He continues: “The appeal of Grenada is clear. It is less spoiled that some of its more popular neighbouring islands and, from an investment perspective, it gives you affordable entry into a luxury Caribbean market while also taking advantage of its emerging economy status and booming tourism trade. Add in currently favourable foreign exchange rates and Grenada offers investment opportunities as golden as its glorious beaches.”
Get in touch on +44 1865 202 700 to find out more about investing in the Caribbean and how you can gain an average yield of 10.5% net pa from a 5* sea view hotel suite in the glorious Bacolet Bay Beach Resort.