WTTC Research Shows Tourism’s Contribution to Global Economy Might Reach $8.6 Trillion this Year
Published on : Monday, February 7, 2022
Research from the World Travel & Tourism Council (WTTC) shows that as the global tourism sector starts to recover from the Covid-19 pandemic, its contribution to the global economy could reach $8.6 trillion this year.
In 2019, before the pandemic struck, tourismcontributedalmost $9.2 trillion to the global economy.
However, in 2020, the pandemic brought the sector to an almost complete halt, causing a massive 49 per cent drop, and a severe loss of nearly $4.5 trillion.
Latest WTTC research shows that as the world finally begins to recover from 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 picks pace.
WTTC research shows that if the vaccine and booster rollout continue with speed this year, and restrictions to international travel are eased globally, and people can travel ‘quarantine free,’ tourism’s contribution to the global economy could reach $8.6 trillion, just six per cent down on pre-pandemic levels.
Julia Simpson, WTTC chief executive, said: “Over the past two years, due to severe travel restrictions around the world, the global 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.”
Tags: World Travel & Tourism Council
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