The latest Economic Impact Report (EIR) from the World Travel & Tourism Council found that the travel and tourism sector is expected to create almost 126 million new jobs over the next decade.
The report says the tourism sector will drive global economic recovery, creating one in three brand new jobs, reports SchengenVisaInfo.com.
In a statement released today, the WTTC announced that the forecast was presented in the capital city of Manila, in front of 1,000 delegates from the global travel and tourism industry, including CEOs, business leaders, ministers , travel experts and international media.
“The EIR report shows that travel and tourism GDP is expected to grow at an average rate of 5.8% per year between 2022 and 2032, outpacing the 2.7% growth rate of the global economy, to reach $14.6 trillion (11.3% of the entire global economy),” the statement reveals.
According to the report, by 2023, global travel and tourism GDP could reach pre-pandemic levels, meaning only 0.1% below 2019 levels.
These data also show that the sector’s contribution to GDP by the end of 2022 could increase by 43.7% to nearly $8.4 trillion, reaching 8.5% of total global economic GDP or just 13.3 % lower than 2019 levels.
Additionally, travel and tourism employment is expected to grow and reach 2019 levels in 2023, or remain just 2.7% below.
In this regard, WTTC President and CEO Julia Simpson noted that WTTC predicts a brighter future, with GDP and employment expected to reach pre-pandemic levels by the year. next.
“The recovery in 2021 has been slower than expected partly due to the impact of the Omicron variant but mainly due to an uncoordinated approach by governments who rejected the advice of the World Health Organization, who argued that closing borders would not stop the spread of the virus, but would only serve to harm economies and livelihoods,” she pointed out.
According to the WTTC EIR 2022 report, travel and tourism GDP over the next decade is expected to grow at an average annual rate of 5.8%.
While in 2022, global travel and tourism employment is expected to grow by 3.5%, accounting for 9.1% of the global labor market, lagging 10% on 2019 levels.
In addition, the latest WTTC EIR report a year ago also revealed that 2021 saw the start of a recovery for the global travel and tourism sector, where its contribution to GDP increased by 21.7% for reach $5.8 trillion.
The contribution of the travel and tourism sector to GDP before the pandemic was 10.3%, falling to 5.3% in 2020, when the pandemic was at its peak, representing a staggering loss of 50%.
In 2021, the sector saw a recovery of more than 18 million jobs in the world of travel and tourism, which represents a positive growth of 6.7%.
>> Bulgaria and Turkey are the cheapest holiday destinations for 2022, according to a report