Most wouldn’t anticipate that the tourism industry in Turkey is rapidly growing, with record numbers hitting 51.7 million visitors throughout the 2019 fiscal year. Growth was more than 13% was the previous year, with analysts expecting history repeats itself throughout the 2020 fiscal year. Soaring revenues are prompting for new facilities to be built, with lower rates than other travel destinations worldwide.
Tourism analysts believe that cruise ships that sailed Chinese waters will select Turkey as their new destination, which follows after the coronavirus outbreak. This could create an overwhelming last effect for Turkey’s tourism industry, with the market earning $34.5 billion last year. That number could sail to $50 billion by the end of Q4 2020. However, it should be noted that profits from this extensive valuation are spread between millions of employed citizens.
Istanbul and Antalya have become the two dominating cities for tourism, with both locations expected to host 57 million tourists throughout the upcoming year. This prompts issues for government officials, with the rate of growth being faster than demands. All subsidiary industries working under the tourism market have been flooded with requests, prompting significant delays for the development of new facilities. It could create an economic downfall by 2025. Similar problems occurred in the Netherlands, the United Kingdom, Germany, Dubai and Russia. Sectoral representatives that have faced these economic downfalls will assist Turkey to ensure history doesn’t repeat itself.
European Growth
Turkey hasn’t been the only market to receive an influx of tourists, with the Netherlands experiencing a 12% increase throughout 2019. Analysts in this sector believe that growing political tensions elsewhere have forced travellers to reconsider their desired destinations. The proof is shown by the decreases in tourist activity in Russia and Ukraine, with average yearly downfalls of 6.2%. Germany is experiencing similar growth to the Netherlands as well, with their technology and tourism sectors combining to create unique experiences for travellers. Turkey should follow similar recuperating efforts that were employed by Germany and the Netherlands. We will keep our readers informed on any drastic changes to the tourism industry in Turkey.