LONDON, 3 July 2020: New research from the World Travel & Tourism Council shows even a modest increase of just 1 million more international arrivals into Europe could generate an extra USD0.48 billion in GDP.
This would provide a massive and much-needed economic boost for EU economies struggling to survive following the imposition of travel restrictions to combat the spread of coronavirus.
Many governments are evaluating reciprocal ‘travel corridors, including the UK government and those in Europe which are under immense pressure, to enable holidaymakers to take summer holidays and prevent the collapse of the travel and tourism sector.
WTTC, which represents the global travel and tourism private sector, has carried out an analysis which shows even relatively minor increases in travelling would bring significant economic and job benefits.
For every 1% increase in international arrivals*, a massive USD7.23 billion in additional GDP would be generated. So, an increase of 100 million international arrivals – equivalent to an increase of 6.7% – would result in around USD48 billion in additional GDP.
WTTC president and CEO Gloria Guevara said: “We know restarting the travel and tourism sector is a huge challenge, but the economy can be restarted while also prioritising and protecting the health of travellers and those who work in the sector.
“It’s often said ‘a little goes a long way’; now our figures prove it. For every additional, one million international arrivals from outside Europe would be able to generate nearly half a billion extra dollars in GDP.
WTTC has been at the forefront of leading the private sector in the drive to rebuild global consumer confidence and encourage the return of Safe Travels.
WTTC Safe Travels Protocols were developed for businesses across the global Travel & Tourism sector which provided a comprehensive range of measures, with strict health and hygiene regimes to enable them to reopen for business.
Evidence from WTTC’s Crisis Readiness report, which looked at 90 different types of crises, highlights the importance of public-private cooperation to ensure that smart policies and effective communities are in place to enable a more resilient travel and tourism sector.
According to WTTC’s 2020 Economic Impact Report, during 2019, travel and tourism was responsible for one in 10 jobs (330 million), making a 10.3% contribution to global GDP and generating one in four of all new jobs.