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News Article

WTTC: Travel and tourism sector on the bounce back

And stronger than ever with growth in employment

With the world on the recovery from the global pandemic, international travel and tourism is on the rapid increase – with estimates the industry could recover to pre-pandemic levels by 2023 – reports the World Travel and Tourism Council (WTTC) at a recent conference held in Manilla, Philippines.

More positive news to come out of the conference was the prediction that the travel and tourism sector is expected to create nearly 126 million new jobs within the next decade, in both stages of recovery and then growth.

The Economic Impact Report (EIR) also predicts shows that global travel and tourism sector GDP is forecasted to grow at an average rate of 5.8% annually between 2022-2032.

This growth is outstripping the 2.7% growth rate for whole global economy, by 2032 the travel and tourism sector is estimated be worth US$ 14.6 trillion or 11.3% of the total global economy.

Bouncing back

The WTTC states that before the pandemic (2019), the sector made a staggering contribution to world GDP of 10.3% (U.S. $9.6 trillion).

However, in 2020 this fell to only 5.3% (nearly U.S. $4.8 trillion), when the pandemic was at its height, the travel and tourism sector contribution saw a staggering 50% loss.

On a positive note 2021 saw the sector recover more than 18 million jobs within the travel, tourism and hospitality sectors.

Despite restrictions still ongoing in some regions, the majority of countries have resumed international travel. However, travellers still need to check entry requirements for countries including vaccination status and quarantine schemes.

Article details

  • Date
  • 26 April 2022
  • Source
  • WTTC
  • Subject(s)
  • Hospitality Sector
  • Travel and Technology