Travel and tourism’s contribution to the global economy expected to reach $8.6 trillion this year

Thursday, February 10, 2022

The pandemic and the subsequent lockdowns around the world have made the travel and tourism sector come to a standstill, affecting the economy in a harsh way. However, with Covid-19 cases declining and things reopening gradually, the sector is looking forward to favorable times again. The travel and tourism sector’s contribution to the global economy is expected to reach $8.6 trillion this year, which is just 6.4 per cent behind pre-pandemic levels, as per the World Travel & Tourism Council (WTTC).

WTTC said that the sector contributed $9.2 trillion to the global economy in 2019, before the pandemic set in. In 2020, however, there was a massive decline of 49.1 per cent, representing a loss of almost $4.5 trillion.

“Latest research from WTTC shows that as the world finally begins to recover from the pandemic, the sector’s contribution to both the global economy and employment could reach almost pre-pandemic levels this year,” said the WTTC.

Travel and tourism could generate 58 million jobs in 2022, to reach more than 330 million, if vaccine and booster rollout continue with speed this year, and international travel restrictions are eased around the world.

“Over the past two years, the global travel and tourism sector has suffered tremendous losses. 2022 is poised for a strong recovery if governments continue to open up and remove restrictions to travel. Our sector could recover more than 58 million jobs and generate $8.6 trillion which would boost economic recovery around the world,” said Julia Simpson, WTTC President & CEO.

Simpson added, “As people start travelling again, governments must implement simplified rules, including the use of digital solutions. Travel of the future should be contactless while guaranteeing safety.”

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