In 2019, before the pandemic stopped travel in its tracks, the Travel & Tourism sector generated nearly $9.2 trillion to the global economy.
Nnew research from the World Travel & Tourism Council (WTTC) tells of the global Travel & Tourism sector’s contribution to the global economy possioble reaching $8.6 trillion this year. If accurate, this means 2022 will fall only 6.4% behind pre-pandemic levels.
Back in 2019, before the pandemic stopped travel in its tracks, the Travel & Tourism sector generated nearly $9.2 trillion to the world economy. But in 2020, the pandemic slammed tourism nearly standstill. The result was a massive 49.1% drop, representing a severe loss of nearly $4.5 trillion. Now, the 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.
The data seems to show that if the vaccine and booster rollout continue at pace this year, and restrictions to international travel are eased around the world throughout the year – the sector could create 58 million jobs in 2022, to reach more than 330 million, just 1% below pre-pandemic levels and up 21.5% up on 2020. Julia Simpson, WTTC President & CEO, said:
“Over the past two years, the global Travel & 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.“
She went on to say that when people begin to travel once more, decisionmakers need to implement simplified rules, including the use of digital solutions. Simpson pointed out that future travel needs to be contactless while guaranteeing safety. “
Back in 2019, Travel & Tourism generated 10.4% of global GDP and more than 330 million jobs. To reach close to pre-pandemic levels this year, WTTC says governments around the world must continue focussing on the vaccine and booster rollout – allowing fully vaccinated travelers to move freely without the need for testing.
The WTTC has urged governments to ditch the patchwork of restrictions and enable international travel using digital solutions that allow travelers to prove their status in a fast, simple, and secure way.