#domesticspending

[phonemantra-blog]

The Qatari travel and tourism industry is experiencing a golden age, shattering records and solidifying its position as a key economic driver. This surge in success is illuminated by the World Travel & Tourism Council's (WTTC) 2024 Economic Impact Research (EIR) report. Qatar Tourism Soars 2023: A Year of Remarkable Achievements The past year witnessed a phenomenal upswing in Qatar's travel and tourism sector. Here's a breakdown of the key milestones achieved: GDP Contribution: The sector's contribution to Qatar's GDP skyrocketed by 31%, reaching a historic QAR 81.2 billion. This translates to a staggering 10.3% of the nation's total economic output, emphasizing tourism's crucial role in the country's financial well-being. Job Creation Engine: The industry emerged as a significant source of employment, generating over 20,300 new jobs. This impressive growth pushed the total number of jobs in the sector to nearly 286,000, representing one in eight jobs across Qatar. Domestic Tourism Strength: Domestic visitor spending witnessed a significant uptick, reaching QAR 1.4 billion, indicating a growing interest in exploring the country amongst Qatari residents. However, despite hosting the highly anticipated FIFA World Cup in 2022 and witnessing a nearly 40% increase in visitor spending from abroad (reaching QAR 60.4 billion), international visitor spending still fell short of the previous peak by QAR 1.2 billion. Gearing Up for an Even Brighter 2024 The future looks incredibly promising for Qatar's travel and tourism industry. Here's a glimpse into what 2024 holds: Record-Breaking Projections: The sector is poised to contribute a staggering QAR 90.8 billion to the Qatari economy this year, representing the highest level ever recorded. This translates to a significant 11.3% of the nation's total GDP. Employment Boom: The industry is expected to be a major job creator, supporting more than 334,500 jobs across the country. This growth signifies that over 15.8% of the total workforce will be employed in the travel and tourism sector. International Tourism on the Rise: International visitor spending is projected to rise significantly, reaching a record-breaking QAR 69.6 billion this year. Coupled with a projected domestic spend of QAR 12 billion, the overall tourism revenue is poised for a historic high. These remarkable achievements are a testament to the government's dedication to fostering collaboration between the public and private sectors. This commitment focuses on enhancing Qatar's tourism offerings by creating diverse and immersive experiences that cater to a wide range of visitor preferences. Collaborative efforts include dedicated working groups across various industries. These groups hold regular meetings to identify challenges and leverage the expertise of the private sector to further propel tourism growth. Industry Leaders Express Optimism Julia Simpson, President & CEO of WTTC, is optimistic about the future of Qatar's tourism industry. "Qatar's Travel & Tourism sector is poised to break records this year, highlighting its significance as a leading destination in the Middle East," she stated. Simpson acknowledges the current gap in international visitor spending compared to the previous peak. However, she emphasizes the government's efforts to strengthen collaboration as a catalyst for propelling tourism growth. She concludes by expressing confidence in Qatar's tourism industry playing a crucial role in shaping a national economic landscape defined by prosperity and abundant opportunities. Beyond 2024: A Look at the Next Decade The global tourism body forecasts a robust upward trajectory for the Qatari tourism sector over the next decade. By 2034, the sector's annual GDP contribution is projected to exceed QAR 135 billion, representing nearly 13% of the nation's economy. Furthermore, the industry is expected to employ a staggering 458,000 individuals, with one in five residents working within the travel and tourism sector. A Thriving Tourism Landscape Across the Middle East The positive trend isn't limited to Qatar. The entire Middle Eastern travel and tourism sector witnessed an impressive growth of over 25% in 2023, reaching close to $460 billion. Job creation also saw a significant upswing, with the number of jobs reaching nearly 7.75 million.

[usnewsper-business]

Asia's Stock Markets: Winners and Losers Amidst Global Challenges #artificialintelligence #Asianmarkets #Chinesestocks #companyearnings #consumerdemand #COVID19pandemic #domesticspending #Ecommerce #earningsseason #EconomicIndicators #geopoliticalevents #geopoliticaltensions #globaltrade #HangSengIndex #increasedcompetition #inflationarypressures #interestratehikes #Japanesestocks #marketvolatility #Nikkei225 #supplychains #technologystocks #tighterregulations

[monarchhousing]

Domestic Spending on Most Programs at Historic Low

Domestic Spending Low-Income Programs Not Driving Financial Problems #NoCutstoHousing #NJHillDay @CenterOnBudget

Low-Income Domestic Spending Not Driving Nation’s Financial Problems The upcoming budgets from the Trump Administration and congressional Republicans are expected to contain deep cuts in domestic spending. In two of its reports, the Center on Budget and Policy Priorities (CBPP) reports explain why two of the arguments that proponents will likely use to justify such cuts are good arguments. The…