The sector contributed $9.2 trillion to the global economy in 2019, before the pandemic wreaked havoc across the globe. (Source: Pexels) The pandemic and the subsequent lockdowns around the world brought the travel and tourism sector to a standstill, putting a major dent on the economy. However, with Covid-19 cases declining and things opening up gradually, the sector is looking forward to brighter times. The travel and tourism sector’s contribution to the global economy could reach $8.6 trillion this year, just 6.4 per cent behind pre-pandemic levels, new research from the World Travel & Tourism Council (WTTC) stated.
As per the latest release by WTTC, the sector contributed $9.2 trillion to the global economy in 2019, before the pandemic wreaked havoc. In 2020, however, there was a massive drop of 49.1 per cent, representing a loss of nearly $4.5 trillion.
“Latest research from WTTC shows that as the world finally begins to recover from the pandemic, the sector’s contribution to both the global economy and employment could reach almost pre-pandemic levels this year,” a press release by WTCC said.
Further, the global tourism body highlighted that the sector could create 58 million jobs in 2022, to reach more than 330 million, just 1 per cent below pre-pandemic levels and up by 21.5 per cent of 2020 levels if — the vaccine and booster rollout continue at pace this year, and international travel restrictions are eased around the world throughout the year.
WTTC asked governments around the world to continue focusing on the vaccine and booster rollout. (Source: Pexels) “Over the past two years, the global travel and 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,” Julia Simpson, WTTC President & CEO, said.
Simpson added: “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.”
To reach close to pre-pandemic levels this year — generating 10.4 per cent of global GDP and creating more than 330 million jobs (2019) — WTTC asked governments around the world to continue focusing on the vaccine and booster rollout, allowing fully vaccinated travellers to move freely without testing restrictions.
Further, it asked governments to “ditch the patchwork of restrictions and enable international travel using digital solutions that allow travellers to prove their status in a fast, simple and secure way.”
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