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The contribution to the domestic product in 2019 will decrease by 5% at the end of 2023
About 22 million more travel and tourism jobs last year
International visitors spend more than 80%
new york, April 26, 2023 /PRNewswire/ — World Travel and Tourism CouncilWTCThe (2023) Economic Impact Study (EIR) today shows that the travel and tourism sector has recovered more than 95% and is closing in on the 2019 peak.
In the year It is expected that the sector will be reached in 2023 9.5 trillion dollarsThat’s 5% below pre-pandemic levels in 2019, when travel was at its peak. 34 countries have already exceeded the 2019 standards.
The World Tourism Organization predicts the sector will recover to 95 percent of its 2019 operating level in a study conducted by WTC in collaboration with Oxford Economics.
A look at last year
Last year, despite the economic and geopolitical problems, the travel and tourism sector continued to recover, growing by 22% year-on-year. 7.7 trillion dollars.
This restoration It will represent 7.6% of the global economy in 2022, the sector’s highest contribution since 2019, although global GDP is still 22.9% higher than in 2019.
In the year In 2021, the global sector grew by 24.7% year-on-year, and last year saw an additional growth of 22% as a contribution to GDP. 7.7 trillion dollars.
The study shows that the ongoing conflict in Ukraine And long-term travel restrictions have been imposed, as have many countries. China It has had a significant impact on the global recovery.
But the Chinese government’s recent decision to open borders from January will boost the sector and see it recover to pre-pandemic levels next year.
He said that from the peak of the epidemic of more than 334 million, the COVID-19 epidemic in the sector has resulted in losses of more than 70 million, reducing the number of people employed in 2020 to only 264 million.
In the year Following a recovery of 11 million jobs in 2021, the sector is on track to create 21.6 million new jobs globally in 2022 to reach more than 295 million – one in 11 jobs globally.
Spending by overseas visitors increased by 82%. 1.1 trillion dollars In the year By 2022, global travel will show that it is back on track.
Julia Simpson“The travel and tourism sector continues to recover rapidly, demonstrating the resilience of the sector and the continued demand for travel,” said WTTC President and CEO.
“By the end of the year, the sector’s contribution will be at its peak in 2019. We expect 2024 to be more than 2019.
The recovery will accelerate this year as Chinese travelers re-enter the market and travel and tourism as a sector will grow over the next 10 years.
What will the next decade look like?
The international tourism body has predicted that the sector’s contribution to GDP will increase. $15.5 trillion In the year It will represent 11.6% of the global economy in 2033 and employ 430 million people worldwide, with 12% of the working population employed in the sector.
The latest EIR also shows that 34 of the 185 countries analyzed in the EIR have recovered in terms of their contribution to GDP before the pandemic.
WTTC in 2011 By the end of 2023, half of the 185 countries will either be fully recovered from the pandemic or within 95% of fully recovered.
For more information, please visit wttc.org
Editors’ Notes
The study was conducted in collaboration with Oxford Economics using data from UNWTO, Oxford Economics and national sources. All prices are at constant 2022 prices and exchange rates, as stated. March 2023.
About the World Travel and Tourism Council
The World Travel and Tourism Council (WTTC) represents the global travel and tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world’s leading travel and tourism companies from all geographies covering all industries. For over 30 years, WTC has been committed to raising awareness among governments and the public about the economic and social value of the travel and tourism sector.
Source World Travel and Tourism Council
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