Europe’s tourism sector is expected to create up to 8 million new jobs over the next ten years

Image source: WTTC

Image source: WTTC

Europe’s travel and tourism sector is expected to create nearly eight million new jobs over the next decade, according to the latest Economic Impact Report (EIR) from the World Travel and Tourism Council (WTTC).

Forecasts by WTTC, which represents the global private travel and tourism sector, also show that the sector will be a driver of economic recovery in Europe, after more than two years of suffering.

“The European travel and tourism sector is experiencing a strong recovery. It looks set to create up to eight million new jobs over the next 10 years,” said Julia Simpson, WTTC President and CEO.

“In terms of contribution to the economy and employment in Europe, the sector will almost reach pre-pandemic levels by the end of next year as the sector’s recovery continues to gain momentum.”

Image source: WTTC

Image source: WTTC

Over the next 10 years and with an average annual growth rate of 3.3%, the travel and tourism sector is expected to grow twice as fast as the overall economy, which is expected to grow by only 1.5% per year. .

The latest report from the global tourism body also reveals that Europe’s travel and tourism GDP is expected to grow by 31.4% to €1.73 trillion (US$1.9 trillion).

WTTC EIR data for 2021 shows that across Europe there was a 4.7% increase in the number of jobs in the travel and tourism sector, accounting for just over 9% of all jobs, which contrasts sharply with the 12.5% ​​decline of the previous year.

The fastest growing region last year, it also saw the sector recover its contribution to GDP with a 28% increase to account for 6.2% of Europe’s economy to €1.3 trillion ( $1.45 trillion) versus 5.2% contribution (just over $1 trillion). euros or 1.13 trillion US dollars in 2020).

Greece, Turkey and Italy helped Europe bounce back

Athens, Greece - July 2020: People wearing masks for COVID-19 at Eleftherios Venizelos airport in Athens, Greece.

Photo: Shutterstock

Europe’s rebound was partly driven by significant growth in key destination markets such as Greece, which recorded 75% year-on-year growth, Turkey (61%) and Italy (59 %).

The global tourism body also commends the European Commission, which played a major role in the recovery of the sector with the launch of its digital COVID certificate last year.

According to the latest data, more than 1.7 billion certificates have been issued by Member States. This successful deployment provided a much-needed boost to economies and saved millions of jobs.

However, the WTTC notes that in several other European countries the recovery has been much slower than expected.

“Recovery in 2021 has been slower than expected due to the impact of Omicron and the uncoordinated response of European governments around border closures which have failed to stop the spread of the virus, but have caused real and lasting damage to economies and livelihoods,” said WTTC Chairman.

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