Travel and tourism GDP growth is expected to outpace the overall economy over the next 10 years
London, UK: The latest Economic Impact Report (EIR) from the World Travel and Tourism Council reveals that Africa’s travel and tourism sector is expected to create nearly 14 million new jobs over the next decade.
The positive forecast from the World Travel and Tourism Council (WTTC), which indicates an average of 1.4 million new jobs each year, also reveals that the sector will lead the economic recovery in the region, with annual GDP growth should outpace the overall economy. for the next 10 years.
According to the report, travel and tourism GDP is expected to grow at an average rate of 6.8% per year between 2022 and 2032, more than double the 3.3% growth rate of the region’s overall economy. , reaching nearly $279 billion (7.2% of the total economy).
The sector’s contribution to GDP is expected to increase by 20.5% to $144 billion by the end of 2022, or 5.1% of total economic GDP, while employment in the sector is expected to grow by 3. 1% this year to nearly 22 million jobs.
The global tourism body’s annual report also shows further optimism for the region’s travel and tourism GDP, which could approach pre-pandemic levels by 2023 – just 9% below levels. of 2019.
Julia Simpson, President and CEO of WTTC, said: “Africa is clearly rebounding and is expected to experience a significant recovery over the next two years and over the next 10 years the sector could create nearly 14 million jobs.
“However, last year the recovery was significantly impacted by Omicron, which saw many countries reinstating harsh and unwarranted travel restrictions on several key African destinations.”
Before the pandemic, the travel and tourism sector’s contribution to the region’s GDP was 6.8% (US$182.4 billion) in 2019, falling to just 3.8% (US$96.5 billion). US) in 2020 when the pandemic was at its peak, nearly halving the contribution of such a crucial sector to the economy with a drop of 47.1%.
The sector also supported over 25 million jobs in the region, which after a 22.9% drop, fell to just 19.6 million in 2020.
However, looking back to 2021, the latest WTTC EIR report reveals a year in which we have seen the start of the recovery of the region’s travel and tourism sector, the contribution of travel and tourism to GDP rose 23.5% year-on-year to over $119. billion.
It also saw a recovery of 1.6 million jobs in travel and tourism, representing a positive rise of 8.2% to more than 21 million.
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