Global travel and tourism industry to generate $15 trillion

Friday, November 3, 2023



The travel and tourism sector has marked a robust bounce back to the pre-pandemic levels.

It will generate $10 trillion by the end of 2023 and become a USD 15 trillion economy in the next 10 years, the World Travel & Tourism Council (WTTC) said this.

The sector which bore the brunts of COVID-19 pandemic is now recovering faster than anticipated.

The latest data highlights this.

WTTC President & CEO Julia Simpson said this while speaking at the opening press conference of its 23rd Global Summit.

In the next 10 years, the industry will go way ahead of the USD 10 trillion mark. This sector will be worth nearly USD 15 trillion, Simpson said.

Though China is one of the biggest travel and tourism economies, the country is still going through opening processes. It is making sure people can travel and get visas, she added.

Citing the latest WTTC data, Julia said despite geo-political and economic turmoil in 2023, the sector demonstrated a fast recovery against their initial expectations.

Their previous prediction in March has now been exceeded by the sector’s performance.

Expressing the sector’s commitment to save the environment, Simpson said the travel and tourism industry is also focussing on sustainability.

According to WTTC 2019 data, travel and tourism was responsible for 8.1 per cent of the Greenhouse Gas Emission globally.

While travel and tourism is growing, the impact on the environment is not growing at the same rate.

Simpson, who was accompanied by WTTC Chair, Arnold Donald said this.

Highlighting the importance of the sector in creating new employment opportunities, Donald said one out of five new jobs being created today across the world is from the travel and tourism sector.

Officials said the three-day-long Summit is being attended by nearly 1,000 delegates from across the world, including government representatives of 45 countries.

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