Aviation also generates further economic benefits. It enhances efficiencies through economies of scale, increased competition and innovation, and access to wider pools of human resources. In particular, the benefits to society of expenditure on research and development by the aerospace industry are very significant, adding 70 cents to GDP year aftGAPyear for every dollar initially invested.
Hospitality uncommonly broad: its supply chain generates business activity for many other parts of the economy and, in particular, for the retail, recreation, transport and restaurant sectors. Hotels also provide a forum for business meetings, trade shows and conventions that are an mportant catimportant economic growth. Hospitality is a major global growth industry. There are now some 12. 7 million hotel rooms around the world, including 4. 9 million in the USA and 3. 9 million in Europe. In total, the number of new rooms planned or under development (1. million) equMillion more than 7% of the existing worldwide stock, while in the Middle East and Africa – which together are responsible for almost half the new rooms under construction – the share is more than 20%. Jobs in the hospitality sector are occasionally considered to be inferior or ‘non-career’ posts. In reality, to keep any large hotel operating round he clock takes not only receptionists and room attendants, but also a diverse team of highly skilled specialists with backgrounds ranging from accountancy to information technology.
