Travel and tourism almost touching its 2019 peak

Friday, April 28, 2023

The travel and tourism segment is almost touching its 2019 peak. This year, the sector isrecuperating by more than 95 per cent and is even expected to exceed the pre-pandemic levels by next year, stated the World Travel and Tourism Council (WTTC).

The travel and tourism sector is predictable to reach $9.5 trillion this year. This is only 5 per cent less than the 2019 levels when travel reached the highest mark, said the WTTC.

Approximately, 34 countries have by nowsurpassedthe pre-pandemic standards.

Julia Simpson, the president and chief executive of the WTTC said that the sector is still recovering with speed, signifying the flexibility of the sector and the continuingcravingfor travel.

Simpson said that by the end of this year, travel and tourism’sinputwould be very close tothe 2019 peak. By 2024, it would be possible to exceed the levels of 2019.

In 2022, the travel and tourism divisionexpandednearly 22 per cent yearly, reaching $7.7 trillion. Last year, thisretrievalsignified 7.6 per cent of the worldwide economy, which is the maximum sector input since 2019.

In 2021, travel and tourism increased 24.7 per cent year-on-year.

In 2020, travel and tourism turned to be one of those divisions which were hardest affected by the pandemic. However, with few countries gradually reopening their borders and easing restrictions, worldwide industry organizationsurged for a harmonized attitudetowardresuming travel.

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