Travel and Tourism to Reach $8.6 Trillion in Revenue by 2022: WTTC

According to new data from the World Travel & Tourism Council (WTTC), the global travel and tourism sector’s contribution to the global economy might reach $8.6 trillion this year, only 6.4 percent lower than it was prior to the pandemic.

Before the virus halted tourism in its tracks, the Travel & Tourism sector contributed about $9.2 trillion to the global economy in 2019.

However, by 2020, the pandemic had ground the industry to an almost complete halt, resulting in a staggering 49.1 percent decline in revenue, indicating a devastating loss of approximately $4.5 trillion.

According to the findings of their latest research, WTTC suggests that as the world finally begins to recover from the pandemic, the sector’s contribution to the global economy and employment might reach practically pre-pandemic levels this year.

According to research by the global tourism organisation, if the vaccine and booster rollout continues at its current pace this year, and restrictions on international travel are eased around the world throughout the year, the sector could create 58 million jobs in 2022, bringing the total number of jobs to more than 330 million, just one percent below pre-pandemic levels and 21.5 percent higher than in 2020.

In a statement from Julia Simpson, WTTC President & CEO, “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.

“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. “

Approximately 330 million jobs were created in the travel and tourism industry in 2019. Travel and tourism provided 10.4 percent of global GDP in 2019. This year, governments around the world must continue to focus on the vaccine and booster rollout – allowing fully vaccinated passengers to travel freely without having to undergo testing – in order to achieve levels that are comparable to those seen before the pandemic.

The global tourism organisation also calls on governments to abandon the patchwork of restrictions that currently exist and to facilitate international travel through the use of digital technologies that allow travellers to establish their status in a quick, simple, and secure manner.

Source: WTTC

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