Middle East to reap the benefits of global Muslim travel boom
London: The GDP impact of the global Muslim travel sector is projected to attain $183 billion by the entire year 2020, today at London&rsquo in accordance with new research released;s World Travel Market.
According to the ‘Global Economic Impact of Muslim Tourism and Future Growth Projection: 2017-2020’ report by Salam Standard, this figure is up from $148 billion in 2017.
It is expected that the industry will and indirectly employ 5 directly.6 million people worldwide by the finish of the decade and also have a projected tax impact of $24 billion.
Inbound Muslim travellers spent around $127 billion in 2017, that is forecast to go up to at the very least $157 billion by 2020.
The Middle East comes second spot to the united states for highest projected GDP impact from Muslim travel, with a projected $18 billion by 2020, when compared to US’s $21.4 billion.
Total global outbound Muslim tourism expenditure is likely to develop at an identical rate to inbound spend, from $101 billion in 2017 to $122 billion by 2020, and the center East is by the biggest source market worldwide in this respect far.
The region contributed $62.2 billion in 2017 which is forecast to go up to $72 billion by 2020.
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Travellers from Saudi Arabia and the UAE will be the biggest spenders, making use of their share of the global total predicted to attain an astounding 41% by the finish of the decade.
Salam Standard’s report highlights the full total tax impact worldwide of Muslim travel also, which grew from $18.6 billion in 2016 to $19.5 billion in 2017 and is predicted to attain $24 billion by 2020. THE UNITED STATES and EU will be the chief beneficiaries and so are collectively set to get $16.4 billion in taxes by 2020.
Other countries with a notable tax impact from Muslim tourism are China at $1.1 billion and Thailand at $1 billion.
“The report findings are obvious; the Muslim travel industry is really a major contributor to [the] tourism GDP of Muslim and non-Muslim countries around the world, generating significant economic wealth, tax income and occupations,” said Faeez Fadhlillah, CEO and co-founder of Salam Standard and Muslim-friendly hotel booking portal, Tripfez.
“With the sector forecast to keep its strong growth trajectory, driven by Asia and the center East where young and aspirational populations and an increasingly-affluent middle income are hungry to visit the planet in a faith-compatible way, savvy destinations and travel agents round the global world can capitalise with this market’s untapped potential,” he added.