Saudi Ranks 2nd in Providing G20 Research Corpus

Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
TT

Saudi Ranks 2nd in Providing G20 Research Corpus

Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat
Recommendations in the T20 communiqué will be presented on Sunday, Asharq Al-Awsat

The Think 20 summit (T20), which provides the intellectual backbone of the Group of Twenty international forum (G20), on Saturday revealed that Saudi Arabia ranked second in terms of countries which provided the largest corpus of research, paperwork and proposals at the G20.

Saudi Arabia convened the first day of the T20 on Saturday, with panelists and speakers calling for nations to work together around the world to help solve the unprecedented crisis caused by the coronavirus pandemic.

In his remarks on the T20 sidelines, Prince Turki al-Faisal, chairman of the board of the King Faisal Center for Research and Islamic Studies, confirmed that Saudi Arabia achieved second place with the quality and quantity of research it presented to G20 leaders this year.

He said that the Kingdom’s high ranking proves the ability of Saudi nationals, both male and female, to offer humanity ideas that service everyone.

Prince Turki stressed that G20 and T20 works were carried out under unprecedented challenges brought about by the coronavirus pandemic. He, however, said that the T20 summit alongside other G20 forums, held under Saudi presidency, have been a success.

More so, Prince Turki highlighted that the T20 summit was attended by more than 60 countries and over 150 global think tanks.

Fahad Alturki, the vice president of research at King Abdullah Petroleum Studies and Research Center (KAPSARC), and chair of T20, noted that it was a first for Saudi Arabia to rank second internationally in providing research for the G20.

Alturki said that the participation of local and gulf centers reflected the region’s vision.

Recommendations in the T20 communiqué will be presented on the final day of the meeting on Sunday. The document comprises of 32 policy proposals across seven categories for consideration by G20 leaders.

It will also be presented before the G20 leaders’ summit on Nov. 21-22.



Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
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Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization.

The travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This represents about a 7.5% increase from the previous record set in 2019.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organization.

Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

In the United States, there are currently 1 million job openings across the leisure and hospitality industry, according to the US Travel Association. Total employment supported in the US was about 27 million jobs in 2023, according to the WTTC.