New report confirms the aviation industry's global benefits
A new in-depth report published by leading economic forecasting consultancy Oxford Economics, reveals that the world's economic progress and future prosperity depend on a growing and thriving aviation industry.
"Aviation: The Real World Wide Web" provides an in-depth look at the aviation industry's contribution to global economic development and social prosperity. It also considers what that really means for individual countries, regions, towns, families and species, while questioning the environmental benefits and social impacts of limiting the industry's growth.
Currently, air transport directly employs over 5.5 million people and generates $425 billion in gross domestic product (GDP) per year - some 50 per cent more than the pharmaceutical industry, 30 per cent more than the motor production industry and even more than some members of the G20.
When combined with its supply chain and dependent industries, including its contribution to tourism, aviation supports over 33 million jobs and $1.5 trillion GDP. As a country this would rank aviation in eighth position, between Italy and Spain.
Beyond the facts and figures, the report uses a diverse series of case studies to illustrate the vast array of interconnected and unexpected benefits air transport brings.
According to the report, the aviation industry promotes international trade; facilitates the free movement of goods, workers and tourists; and stimulates investment throughout the globalised world.
The report anticipates that by 2026, aviation and its dependent industries will support 50 million jobs and generate $3.6 trillion in GDP. However, limiting aviation's growth by just one per cent would reduce that figure by $600 billion and eliminate six million jobs.