The Lebanese tourism industry is anticipated to contribute nearly 9.3% of the country’s GDP and account for around 9.6% of total employment in 2009.
The travel and tourism industry in Lebanon is estimated to contribute around 9.3% of the country’s GDP in the current year, said the World Travel & Tourism Council (WTTC), as reported by zawya.
According to the economic magazine of the Byblos Bank Group - Lebanon This Week, the industry’s total contribution to the GDP will be around $2.59 Billion in value terms and will raise the direct employment level to 149,800, accounting for 9.6% of total employment in the country this year. It further added that as the travel and tourism industry is linked with other sectors, there would be huge direct and indirect impact on the country’s economy. It will generate indirect revenue of $7.78 Billion from overall economic activities in 2009. The industry will indirectly create nearly 439,600 jobs or atleast one in every 3.6 jobs, equivalent to 28.1% of the total employment in 2009.
The positive outlook for the Lebanese tourism industry is primarily based on tremendous growth opportunities in the mid-scale market as well as value-for-money hotels such as the Holiday Inn brand family.
The New York Times in the month of January 2009 enlisted Beirut among the first of “the 44 places to go in 2009”. It overtook other top visiting cities like Washington D.C., Berlin, Las Vegas and Galapagos.
As the violence is under control after some relaxations in strained relations with other countries, Beirut is all set to reclaim its old title as Paris of the Middle East, said the Times. Hundred of readers from Europe, the US and Middle East applauded the choice by posting comment on the website. Majority of comment poster praised Lebanon’s nightlife and fabled beaches.
According to a Research Analyst at RNCOS, “The Lebanese tourism industry is expected to see rapid growth in 2009. But for this, the industry should work on strategies like more investment in human capital and increasing revenue instead of cutting costs. Besides, the marketing campaigns should not confine to promotion of hotels but to endorse Lebanon as an ideal destination for business and leisure travel. The country should also capitalize on its proximity to Europe and other Arab countries.”
Related Market Research Reports:
Turkey Tourism Industry Forecast to 2012
Vietnam Tourism Industry Forecast to 2012
Opportunities in Singapore Tourism Industry (2007-2009)
