The WTTC report says that already in 34 countries around the world, the travel and tourism industry has recovered so dramatically that economic activity now exceeds pre-pandemic levels of business
The latest status update on the global travel and tourism industry prepared by the World Travel and Tourism Council predicts that in 10 years, the global industry would grow to USD 15.5 trillion.
In its 2023 Economùic Impact Research, WTTC says that the industry is set to grow to USD 9.5 trillion in 2023, registering a recovery of just over 95 pc of the 2019 levels.
The WTTC report says that already in 34 countries around the world, the travel and tourism industry has recovered so dramatically that economic activity now exceeds pre-pandemic levels of business.
The 2023 EIR says that the industry is expected to grow to be about 11.6 pc of the global economy and will employ over 430 million people or 12 pc of the total working population in the world.
The report says that despite the economic and geopolitical difficulties that dominated 2022, travel and tourism experienced significant post-pandemic recovery last year. Specifically, the industry grew 2 pc year-on-year to reach USD 7.7 trillion.
At that level, the industry represented 7.6 pc of the global economy in 2022, the highest sector contribution since 2019. With that said, the global GDP for the industry is still 22.9 pc behind its 2019 peak. In 2021, the travel and tourism industry grew 24.7 pc year-on-year.
The report says that various global challenges and issues continue to impact the travel industry including the conflict in Ukraine and prolonged travel restrictions imposed by a number of countries, including China. It adds that, however, the recent decision by the Chinese government to reopen its borders from January is expected to propel the sector and allow it to recover to pre-pandemic levels next year, said the report.
Julia Simpson
The WTTC says that from a pre-pandemic high of more than 334 million, the Covid-19 pandemic ravaged the employment in the sector, which saw losses of more than 70 million to bring the total number employed in 2020 to just 264 million.
It adds that following the recovery of 11 million jobs in 2021, the sector created 21.6 million new jobs in 2022 to reach more than 295 million globally or one in 11 jobs worldwide.
The 2023 EIR report says that spending by overseas visitors grew by a record 82 pc to reach USD 1.1 trillion in 2022, showing that international travel is firmly back on track.
“The Travel & Tourism sector continues to recover at pace, demonstrating the resilience of the sector and the enduring desire to travel. By the end of the year, the sector’s contribution will be within touching distance of the 2019 peak. We expect 2024 to exceed 2019,’’ says WTTC President and CEO Julia Simpson.
