Posted on April 23 2022
The recent World Travel and Tourism Council Economic Impact Report (EIR) has declared that the Travel and Tourism sector will create 126 million new employment opportunities within the coming decade.
The Economic Impact Report specifies that the tourism sector will be the motive power for the recovery of the global economy.
The WTTC declared that the forecast was given in Manila’s capital in the presence of 1,000 delegates from all across the global Travel and Tourism sector, government ministers, business executives, international media, and CEOs.
The EIR report mentions that the Travel & Tourism’s GDP is said to increase by 5.8 percent annually from 2022 through 2032.
Based on the report, the global GDP of Travel and Tourism may be similar to the times before the pandemic by 2023.
As per the WTTC 2022 report, the GDP of Travel and Tourism in the coming decade is projected to push forward at an average rate of 5.8 percent.
Global Travel and Tourism employment is expected to accelerate by 3.5%, accounting for 9.1% of the labor market globally in 2022.
Despite that, the latest Eir report of WTTC a year ago found out that 2021 has seen the beginning of recovery for the Travel and Tourism sector globally, where its investment in the GDP increased by 21.7% to go up to $ 5.8 trillion.
The investment in the GDP of the Travel and Tourism sector before the pandemic was 10.3 percent, which later decreased to 5.3 percent in 2020 as soon as the pandemic was at its highest.
Later in 2021, the sector witnessed a recovery of more than 18 million Travel and Tourism jobs globally, representing an assertive growth of 6.7 percent.
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