Visualizing the Countries Most Reliant on Tourism

This post is by Dorothy Neufeld from Visual Capitalist

Visualizing the Countries Most Reliant on Tourism

Visualizing the Countries Most Reliant on Tourism

Without a steady influx of tourism revenue, many countries could face severe economic damage.

As the global travel and tourism industry stalls, the spillover effects to global employment are wide-reaching. A total of 330 million jobs are supported by this industry around the world, and it contributes 10%, or $8.9 trillion to global GDP each year.

Today’s infographic uses data from the World Travel & Tourism Council, and it highlights the countries that depend the most on the travel and tourism industry according to employment—quantifying the scale that the industry contributes to the health of the global economy.

Ground Control

Worldwide, 40 countries rely on the travel and tourism industry for more than 15% of their total share of employment. Unsurprisingly, many of the countries suffering the most economic damage are island nations.

At the same time, data reveals the extent to which certain larger nations rely on tourism. In New Zealand, for example, 479,000 jobs are generated by the travel and tourism industry, while in Cambodia tourism contributes to 2.4 million jobs.

Rank Country T&T Share of Jobs (2019) T&T Jobs (2019) Population
1 Antigua & Barbuda 91% 33,800 97,900
2 Aruba 84% 35,000 106,800
3 St. Lucia 78% 62,900 183,600
4 US Virgin Islands 69% 28,800 104,400
5 Macau 66% 253,700 649,300
6 Maldives 60% 155,600 540,500
7 St. Kitts & Nevis 59% 14,100 53,200
8 British Virgin Islands 54% 5,500 30,200
9 Bahamas 52% 103,900 393,200
10 Anguilla 51% 3,800 15,000
11 St. Vincent & the Grenadines 45% 19,900 110,900
12 Seychelles 44% 20,600 98,300
13 Grenada 43% 24,300 112,500
14 Former Netherlands Antilles 41% 25,700 26,200
15 Belize 39% 64,800 397,600
16 Cape Verde 39% 98,300 556,000
17 Dominica 39% 13,600 72,000
18 Vanuatu 36% 29,000 307,100
19 Barbados 33% 44,900 287,400
20 Cayman Islands 33% 12,300 65,700
21 Jamaica 33% 406,100 2,961,000
22 Montenegro 33% 66,900 628,100
23 Georgia 28% 488,200 3,989,000
24 Cambodia 26% 2,371,100 16,719,000
25 Fiji 26% 90,700 896,400
26 Croatia 25% 383,400 4,105,000
27 Sao Tome and Principe 23% 14,500 219,200
28 Bermuda 23% 7,800 62,300
29 Iceland 22% 44,100 341,200
30 Thailand 21% 8,054,600 69,800,000
31 Malta 21% 52,800 441,500
32 New Zealand 20% 479,400 4,822,000
33 Lebanon 19% 434,200 6,825,000
34 Mauritius 19% 104,200 1,272,000
35 Portugal 19% 902,400 10,197,000
36 Gambia 18% 129,600 2,417,000
37 Jordan 18% 254,700 10,200,000
38 Dominican Republic 17% 810,800 10,848,000
39 Uruguay 16% 262,500 3,474,000
40 Namibia 15% 114,600 2,541,000

Croatia, another tourist hotspot, is hoping to reopen in time for peak season—the country generated tourism revenues of $13B in 2019. With a population of over 4 million, travel and tourism contributes to 25% of its workforce.

How the 20 Largest Economies Stack Up

Tourist-centric countries remain the hardest hit from global travel bans, but the world’s biggest economies are also feeling the impact.

In Spain, tourism ranks as the third highest contributor to its economy. If lockdowns remain in place until September, it is projected to lose $68 billion (€62 billion) in revenues.

Rank Country Travel and Tourism, Contribution to GDP
1 Mexico 15.5%
2 Spain 14.3%
3 Italy 13.0%
4 Turkey 11.3%
5 China 11.3%
6 Australia 10.8%
7 Saudi Arabia 9.5%
8 Germany 9.1%
9 United Kingdom 9.0%
10 U.S. 8.6%
11 France 8.5%
12 Brazil 7.7%
13 Switzerland 7.6%
14 Japan 7.0%
15 India 6.8%
16 Canada 6.3%
17 Netherlands 5.7%
18 Indonesia 5.7%
19 Russia 5.0%
20 South Korea 2.8%

On the other hand, South Korea is impacted the least: just 2.8% of its GDP is reliant on tourism.

Travel, Interrupted

Which countries earn the most from the travel and tourism industry in absolute dollar terms?

Topping the list was the U.S., with tourism contributing over $1.8 trillion to its economy, or 8.6% of its GDP in 2019. The U.S. remains a global epicenter for COVID-19 cases, and details remain unconfirmed if the country will reopen to visitors before summer.

Travel and tourism contribution to GDP in absolute terms

Meanwhile, the contribution of travel and tourism to China’s economy has more than doubled over the last decade, approaching $1.6 trillion. To help bolster economic activity, China and South Korea have eased restrictions by establishing a travel corridor.

As countries slowly reopen, other travel bubbles are beginning to make headway. For example, Estonia, Latvia, and Lithuania have eased travel restrictions by creating an established travel zone. Australia and New Zealand have a similar arrangement on the horizon. These travel bubbles allow citizens from each country to travel within a given zone.

Of course, COVID-19 will have a lasting impact on employment and global economic activity with inconceivable outcomes. When the dust finally settles, could global tourism face a reckoning?

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The post Visualizing the Countries Most Reliant on Tourism appeared first on Visual Capitalist.

Location and Work

This post is by Fred Wilson from AVC

I am confident this pandemic will end. At some point, we will have a vaccine, therapeutics, and/or broad based immunity. When that will happen is less clear to me. I believe that at some point, we will be able to resume living and working as we did prior to the pandemic.

However, I am also confident that we will not resume living and working exactly as we did prior to the pandemic because some of the things we have adopted to get through this will reveal themselves as comparable or better than what we were doing before.

One of the places this is happening is knowledge work which is a growing percentage of the workforce in the US. What we have seen in this pandemic is that knowledge workers have been able to be comparably productive working from home and that has caused many large (and small) employers to consider different work/location options.

Yesterday, Twitter told their employees that most of them can work from anywhere going forward:

A number of our portfolio companies have made that decision already as well:

I can imagine large and small banks, law firms, accounting firms, media and entertainment companies, and other knowledge based businesses making similar decisions.

I am not saying that remote work is ideal. There is something very valuable about being able to be in the same physical space as your colleagues. USV will likely keep an office for exactly that reason.

But it is also true that USV is operating incredibly well during this pandemic and we have not (yet) missed a beat.

What this means for large cities where many companies that engage in knowledge work are centered is an interesting question.

I saw this chart this morning on Benedict Evans’ Twitter:

That compares two of the most expensive cities in the US (and world) to each other. And as bad as NYC is on the affordability index, SF is way worse.

So when you combine these two situations; large knowledge work hubs getting prohibitively expensive and remote work normalizing, it would seem that we are in for a correction.

What is less clear is where knowledge workers who can increasingly work from anywhere will choose to live (and work). Will cities remain attractive for the quality of life they offer (arts, culture, nightlife, etc)? Or will the suburbs stand to gain? Or will more idyllic locations like the mountains or the beach become the location of choice? Or will second and third tier cities become more attractive? I do not have a crystal ball on this question. I suspect it will be some of all of the above.

But this may become a big deal. Like the “white flight” that happened in the 50, 60s and 70s in a number of large cities in the US. Wholesale movement of large groups of people can have profound changes on regions.

Like many disruptions, this is both bad and good. Affordability (or lack thereof) and gentrification have been a blight on our cities. If we can reverse that trend, much good will come of it. This may also be helpful in addressing the climate crisis which remains the number one risk to planet Earth. So there are reasons to be excited about this. But wholesale abandonment is terrible. We should do whatever we can to avoid that.

It is early days for this conversation. But it is one we are going to have all around the US, and possibly all around the world. So it is time to start thinking about it.


The Hidden Cost Of Extending Option Exercise Periods

Many people in startup land believe that the answer to the challenges around forcing departing employees to exercise vested options is to simply extend the option exercise period to the maximum (ten years) allowed by the IRS.

It certainly is one of the techniques that are available to companies and one that a number of our portfolio companies have adopted. Another option, and one that I prefer, is for a market to develop around financing these option exercises (and the taxes owed) when employees depart.

However, if you are thinking about extending the option exercise period for departing employees, you should understand that it will cost your company something.

Here is why:

Options are worth more than the spread between the strike price (the exercise price) and what the stock is actually worth. They have additional value related to the potential for the stock price to appreciate more over the

Continue reading The Hidden Cost Of Extending Option Exercise Periods

What Is Going To Happen In 2019

Hi Everyone. Happy 2019.

Today, as is my custom on the first day of the new year, I am going to take a stab at what the year ahead will bring. I find it useful to think about what we are in for. It helps me invest and advise the companies we are invested in. Like our investing, I will get some of these right, and some wrong. But having a point of view, a foundation, is very helpful when operating in a world that is full of uncertainty.

I believe and have been telling those around me that I think 2019 will be a “doozy.” I think we will see major dislocations in the leadership of the United States, a bear market in stocks, a weakening economy, a number of issues with the global economy including a messy Brexit and a sluggish China. All of this will lead

Continue reading What Is Going To Happen In 2019


I heard about a cool program that helps NYC tech companies build more diverse teams. It is called Winternships.

The program is run by a group called WiTNY (Women in Tech and Entrepreneurship in NY) which is a three year-old collaboration between Cornell Tech and CUNY to drive more female students into tech majors or minors, and into the NYC tech ecosystem.

It works like this:

A Winternship is a paid, three-week internship experience during the January academic recess for freshman and sophomore women in tech. Participating companies design an ‘immersion’ experience in their business – students sit in on meetings, meet executives, go on site visits — and they work together on a challenge project that they pitch on the last day. WiTNY identifies students based on a match between your needs and their skills. Their team will even help you craft the Wintern experience if you want.


Continue reading Winternships

ADP Acquires WorkMarket

ADP announced this morning that they have acquired our portfolio company WorkMarket.

This is a bittersweet moment for me.

WorkMarket has been a big part of my personal portfolio for almost eight years.

USV and Spark seeded WorkMarket in June 2010, backing two serial entrepreneurs Jeff Leventhal and Jeff Wald.

The idea was to create a cloud based SAAS application to allow enterprises to manage their contingent workforces which were growing in size and complexity. It seemed like a timely opportunity at the time and it was. Eight years later the SAAS contingent workforce management market is in the hundreds of millions of dollars annually and WorkMarket is the creator and leader of it.

But like all startups, the WorkMarket story has a number of twists and turns. The market was a bit slower to develop than we had initially hoped and it wasn’t until the last few years that

Continue reading ADP Acquires WorkMarket

What Is Going To Happen In 2018

This is a post that I am struggling to write. I really have no idea what is going to happen in 2018.

  • Will the crypto markets continue in their bull cycle? I have no clue. I was showing my daughter’s friend an app that helps people save and invest and he said to me “I don’t need that, I just buy some ETH every week.” I said “that’s a good plan until it isn’t.” I just don’t know when buying crypto will stop being a good idea. It was a great idea in 2017.
  • Will the economy extend its eight year expansion? I have no clue. The longest post WWII economic expansion was 10 years from 1991 to 2001. Can this one beat that one? Maybe. Will this one also burst over the collapse of another tech bubble? Maybe. But again, I have no idea when that might

    Continue reading What Is Going To Happen In 2018

What Happened In 2017

As has become my practice, I celebrate the end of a year and the start of a new one here at AVC with back to back posts focusing on what happened and then thinking about what might happen.

Today, we focus on what happened in 2017.


I went back and looked at my predictions for 2017 and I completely whiffed on the breakout year for crypto. I did not even mention it in my post on New Year’s Day 2017.

Maybe I got tired of predicting a breakout year for crypto as I had mentioned it in my 2015 and 2016 predictions, but whatever the cause, I completely missed the biggest story of the year in tech.

If you look at the Carlota Perez technology surge cycle chart, which is a framework I like to use when thinking about new technologies, you will see that a frenzy develops when

Continue reading What Happened In 2017

Megalytics is Hiring!

West Loop Ventures portfolio company Megalytics is hiring.  They have a great team, and it’s a great place to work.  Donna is on the bleeding edge of something big in commercial real estate.

If you are a person that wants to be a part of an innovative company, ping me.

They need a Fulfillment Manager right away.  This person is a college graduate.  They have some familiarity with accounting and/or finance.   You are going to work with customers, so it also is beneficial to be a people person.

It comes with full salary and benefits.

They are also starting to search for a full-time CTO, and starting to hire more salespeople in cities across the US.  If you are a CRE person in a city like LA or Dallas and want to work for a high flying company, Megalytics might be a fit for you.

Their offices are on Continue reading Megalytics is Hiring!

Vocational Schools and Getting to the Knowledge Age: Finding a Calling

I recently listened to a talk by David Autor about employment and technology. He praised the high school movement as being incredibly forward looking for addressing the rapid decline in farm employment. When asked about what the equivalent would be today, David answered “vocational schools.” Now as it turns out my Dad was a teacher at a vocational school in Germany where the apprenticeship system has been maintained throughout the Industrial Age. I learned a ton from my Dad about technical drawings and the workings of drills and lathes.

Based on observing my Dad and his students, as well as my thinking and writing in World After Capital, I think David is right about “vocational” but in the original sense of the word. Vocational comes from Latin “vocatio” which means a call or summons. What we need “vocational” school to be is a way of finding one’s calling. A calling Continue reading Vocational Schools and Getting to the Knowledge Age: Finding a Calling

The Robot Tax And Basic Income

In my work to prepare for the Future of Labor conversation we had at NewCo Shift a few weeks ago, I talked to a number of experts who are studying job losses due to automation and thinking about what might be done about it. Two ideas that came up a number of times were the “robot tax” and the “basic income.”

The ideas are complimentary and one might fund the other.

At its simplest, a “robot tax” is a tax on companies that choose to use automation to replace human jobs. There are obviously many variants of this idea and to my knowledge, no country or other taxing authority has implemented a robot tax yet.

A “basic income” is the idea that everyone receives enough money from the government to pay for their basic needs; housing, food, clothing so that as automation puts people out of work we don’t

Continue reading The Robot Tax And Basic Income

From The Archives: Retaining Your Team

I picked up a bad head cold in SF this week. It’s rainy and cold there and that got the best of me. So I’m running a post from the archives and medicating myself instead of writing today.

Retaining Your Employees

I hate to see employees leave our portfolio companies for many reasons, among them the loss of continuity and camaraderie and the knowledge of how hard everyone will have to work to replace them. Many people see churn of employees in and out of companies as a given and build a recruiting machine to deal with this reality. While building a recruiting machine is necessary in any case, I prefer to see our portfolio companies focus on building retention into their mission and culture and reducing churn as much as humanly possible.

There isn’t one secret method to retain employees but there are a few things that make a

Continue reading From The Archives: Retaining Your Team

The Future Of Labor

As I mentioned yesterday, I am moderating a panel this morning at NewCo Shift Forum on The Future Of Labor.

As I think about, there are three big megatrends impacting the future of labor/work.

The first has largely played itself out over the past thirty years and that is globalization and outsourcing. I believe we have seen most of the impact of that trend in the US as wages and the standard of living has risen dramatically around the world and has stagnated here in the US for the working class. We are not yet in balance with the rest of the developed/developing world, but we are getting close enough that it is a much harder decision now to move a job somewhere else.

The next two big megatrends are starting to happen and they will shape the next fifty years. They are the move to an on demand model

Continue reading The Future Of Labor

Tapping Into The Global Job Market

Globalization is certainly a double edged sword for many people, but the truth is that over the past half century, the world has globalized enormously. We are now to the point that many employers around the world are looking outside their local or national talent pools for key hires.

Our portfolio company Jobbatical specializes in helping companies around the world hire from the global talent pool.

And it also helps people (maybe you are one of them) that want to think about working in a different country for a while.

Here are a few sample listings from Jobbatical’s explore page showing the diversity of job options that are available:

We think that the globalization of hiring is going to expand enormously over the next couple decades and we think Jobbatical has a fantastic opportunity in front of it. Hiring from the global talent pool has some unique challenges but that

Continue reading Tapping Into The Global Job Market

Labor Clouds and Being Your Own Enterprise

My friend John Battelle published an interview with our portfolio company Work Market‘s CEO Stephen DeWitt yesterday.

There are a couple interesting ideas that are explained in that interview:

  • Labor clouds. It turns out that John’s new company NewCo is using Work Market to create and manage a labor cloud of writers and editors to create a new publication. Some of these writers and editors are full time employees, some are contractors, some are true freelancers. In the “labor cloud” model, you manage all of the labor you need to get something done in a single platform instead of three (or four, or five, or six).
  • My favorite line from the piece, and the one I tweeted out, is this “”By 2040, I’m pretty confident that every skilled worker will have their own signpost. You will be your own enterprise” I like the idea that people are

    Continue reading Labor Clouds and Being Your Own Enterprise

Whither Labor?

It is Labor Day in the US, a day where we celebrate the organized labor movement. Though it wasn’t until 1894 that Labor Day became an official federal holiday, the concept of Labor Day goes back to the middle of the 19th century, when the labor movement really took off in the US.

The labor movement and the industrial economy go hand in hand. One begat the other.

But as globalization has caused the industrial economy to move to lower cost parts of the world, the role of labor in the US economy has declined.

And with automation on the horizon, it begs the issue of where the entire concept of labor is headed.

I don’t have any great answers to this question to be honest. But it is something I think about a lot. And so I will think about it a little bit more today.

The “Losing Jobs To China” Discussion

I am bothered by the ongoing discussion about how the US has allowed China (and other lower cost countries) take our manufacturing jobs. That is true, of course. But it does not address the larger context which is that manufacturing is becoming more and more automated and many of these jobs will not exist at all anywhere in a few more decades.

We are now well into a transition from an industrial economy to an information economy. It seems to me that part of that transition was the move of industrial jobs to lower and lower cost regions in an ongoing march to reduce costs. But that march may end with massive automation and very little labor in the manufacturing process. That means that these low cost regions that “stole our jobs” will also lose these jobs eventually.

The US and a number of other countries around the world are

Continue reading The “Losing Jobs To China” Discussion

What Slowdown? San Francisco Execs Plan More New Hiring

San Francisco
Bloomberg News

More companies in San Francisco plan to add new jobs in the next six months than in the last half year, according to a new report, bucking concerns about a tech slowdown and its impact on the region’s economy.

Sixteen percent of the 200 chief financial officers surveyed by staffing firm Robert Half said they would be expanding their ranks, compared with 13% in the last six months. And none of the executives surveyed planned to eliminate any jobs in the next six months, compared with 2% last September.

“Hiring here is really busy. On a day-to-day basis we’re getting calls from tech companies, financial services, health care and real estate, all asking for help hiring,” said Randall Micek, vice president of Robert Half in the Bay Area. The survey polled executives in other industries besides just tech.

Maybe that’s why the survey results seem more Continue reading What Slowdown? San Francisco Execs Plan More New Hiring

Video Of The Week: Choosing Journeys Over Jobs

Last week our portfolio company Jobbatical had a bit of a coming out party and USV announced our investment in the company.

This week’s video is a talk that Jobbatical founder Karoli Hindriks gave at the Slush conference a couple months ago. In her talk she describes why she started Jobbatical and what the company does.

We May Soon Get Better at Measuring the Gig Economy

The government wants to better measure part-time workers, temporary employees and independent contractors that are getting more scrutiny as companies like Uber look beyond traditional full-time staff.

The U.S. government is about to get better at measuring the gig economy—or at least that’s its intention.

Skeptics say gauging this pocket of on-demand workers is a difficult task that the government has failed at before.

Labor Secretary Thomas Perez announced this week the government’s plan to get a handle on the matter as U.S. workplaces experience what he called “profound changes.”

For the first time since 2005, the Bureau of Labor Statistics will team up with the Census Bureau to survey the scope of “contingent worker” arrangements. It will help the government set policy that fosters innovation and economic security for workers, Mr. Perez said.

Think part-time workers, temporary employees and independent contractors that are getting more scrutiny Continue reading We May Soon Get Better at Measuring the Gig Economy