Wednesday, February 28, 2024
HomeDESTINATIONSEUROPETourism revenue will rebound in 2022

Tourism revenue will rebound in 2022

-

LONDON, 4 February 2022: Major new research from the World Travel & Tourism Council (WTTC) indicates that as the global travel & tourism sector begins to recover, its contribution to the global economy could reach USD8.6 trillion this year.

In 2019, before the Covid-19 pandemic struck, the travel & tourism sector generated nearly USD9.2 trillion to the global economy.

However, in 2020, the pandemic brought the sector to an almost complete halt, causing a massive 49.1% drop, representing a severe loss of nearly USD4.5 trillion.

The latest research from WTTC shows that as the world finally begins to recover from the pandemic, the sector’s contribution to the global economy and jobs could reach almost pre-pandemic levels this year if the recovery of the sector continues to pick up the pace.

Research by the global tourism body shows 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 – increasing the number of people who can travel ‘quarantine free’, the sector’s contribution to the global economy could reach USD8.6 trillion, just 6.4% down on pre-pandemic levels.

WTTC’s research also shows that the sector’s contribution to global employment could reach more than 330 million, just 1% below pre-pandemic levels and up 21.5% up on 2020, representing a massive 58 million more jobs.

WTTC President & CEO Julia Simpson said: “Over the past two years, due to severe travel restrictions around the world, the global travel & tourism sector has suffered tremendous losses.

“Our latest research clearly shows that there is light at the end of the tunnel, and 2022 is certainly looking more positive in terms of both jobs and the economy. However, there is much more work to be done if we are to bring back all the jobs lost and achieve a full economic recovery. With so much is at stake, it’s vital we continue driving the recovery of our sector.

“Governments must shift their risk assessment from entire countries to the individual traveller and allow the fully vaccinated to travel freely.”

To reach close to pre-pandemic GDP and employment levels this year, WTTC says governments worldwide must continue focussing on the vaccine and booster rollout, allowing fully vaccinated travellers to move freely without the need for additional testing.

Digital solutions that enable travellers to easily prove their status in a simplified and secure way are a priority.

(Source: WTTC)

Must Read

SoulTrips sells Pause and Play tour

0
SINGAPORE, 27 February 2024: Singapore-based travel specialist SoulTrips will work with regional travel agencies to sell itineraries, allowing clients to choose where to start...

Korean Air names new com chief

Brand refresh for AirAsia MOVE