The World Travel & Tourism Council’s (WTTC) latest Economic Impact Report (EIR) shows expected signs of recovery, with nearly 126 million new jobs within the Travel & Tourism industry within the next decade.
The report also found that the new jobs created will be a driving force of overall global economic recovery, creating one in three new jobs.
“Over the next decade Travel & Tourism will create 126 million new jobs worldwide,” according to Julia Simpson, WTTC President & CEO. “In fact, one in three of every new job created will be related to our sector.”
The EIR report found that Travel and Tourism’s GDP is expected to grow an average of 5.8 percent each year between 2022 and 2023, much higher than the 2.7 percent expected rate of growth for the overall global economy. By 2032, the industry is expected to reach $14.6 billion (or 11.3 percent of the total global economy).
The report also found that Travel and Tourism could reach pre-pandemic levels by 2023.
“Looking to this year and the next, WTTC forecasts a brighter future with both GDP and employment set to reach pre-pandemic levels by next year,” Simpson explained. “The recovery in 2021 was slower than expected due in part to the impact of the Omicron variant but mainly due to an uncoordinated approach by governments who rejected the advice of the World Health Organization, which maintained that closing borders would not stop the spread of the virus but would only serve to damage economies and livelihoods.”