Over the next decade, 126 million new travel and tourism jobs will be created. Such optimistic data is indicated in the latest report of the World Travel and Tourism Council (WTTC), presented in Manila, the capital of the Philippines, in front of 1,000 delegates from around the world. It seems that the world is again expecting a deafening growth in tourism, which will outpace the growth of the world economy.
The report indicates that the tourism sector will be the driving force behind the global economic recovery, as it will create one in three new jobs. “The report showed that the GDP of the travel and tourism sector is projected to grow by an average of 5.8 percent per year from 2022 to 2032, outpacing the growth rate of the global economy by 2.7 percent, and will reach $14.6 trillion, i.e. 11.3 percent of the total global economy,” the statement said.
According to the report, by 2023, global travel and tourism GDP could reach pre-pandemic levels: only 0.1 percent “fall short” of 2019 levels.
Such data also showed that the sector's contribution to GDP by the end of 2022 could increase by 43.7% and amount to almost $8.4 trillion, reaching 8.5% of total global economic GDP, or only 13.3% lagging behind the level of 2019.
Furthermore, travel and tourism employment is expected to increase significantly and also reach a pre-Covid figure. It is expected that this will happen in 2023 or will be slightly lower (minus 2.7%).
WTTC CEO Julia Simpson noted that the council predicts a brighter future with GDP and employment expected to reach pre-pandemic levels by next year.
“The recovery in 2021 was slower than expected, in part because – due to exposure to the omicron strain, but mainly due to the inconsistent approach of governments, which rejected the recommendations of the World Health Organization, which argued that closing the borders would not stop the spread of the coronavirus, but only damage the economy and livelihoods, ”in this regard the head said.
According to the report, the GDP of travel and tourism over the next decade will grow at an average of 5.8 percent per year. Whereas, in 2022, global travel and tourism employment is expected to increase by 3.5 percent, accounting for 9.1 percent of the global labor market, 10 percent behind 2019 levels.
In addition , the latest EIR WTTC report a year ago also showed that the recovery of the global travel and tourism sector began in 2021, where its contribution to GDP increased by 21.7 percent and reached $5.8 trillion.
Contribution of the travel and tourism sector to GDP was 10.3 percent before the pandemic, falling to 5.3 percent in 2020 when the pandemic peaked, representing a staggering 50 percent loss. And a year later, more than 18 million jobs were restored in the sector worldwide, indicating a positive growth of 6.7 percent.
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