South African Travel & Tourism’s GDP to drive national economy

Thursday, July 7, 2022

The World Travel & Tourism Council (WTTC) has said that the South African Travel & Tourism’s GDP will drive the national financial revival over the next decade.

As per the prediction from the WTTC’s Economic Impact Report (EIR), the South African Travel & Tourism sector is expected to develop at an average rate of 7.6% yearly over the next decade, considerably outshining the 1.8% growth rate of South Africa’s economy in general.

By 2032, the tourism sector’s involvement to GDP is expected to reach more than ZAR 554.6 billion, bringing in almost ZAR 287 billion into the nationwide economy.

The tourism sector is also predictable to generate more than 800,000 jobs over the next decade, reaching an excess of 1.9 million by 2032.

Even though the statistics predict a bright future for South Africa’s travel and tourism, the revival was gravely damaged after the revealing and spread of the Omicron variant.

Many countries throughout the world brought in rigorous and detrimental restrictions on African countries, which led to further harm to those economies, pushing thousands of livelihoods at risk.

By the end of this year, the contribution of travel and tourism to GDP is predictable to increase 37.2% year on year, to almost ZAR 268 billion.

Chances of getting a job in the tourism sector is expected to develop by 3.8%% to attain more than 1.1 million jobs.

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