Posted on May 27 2022
The World Travel and Tourism Council (WTTC) determines that Italy's Travel and Tourism sector will remarkably move towards improving the country's economic recovery. The most recent Economic Impact Report (EIR) of the WTTC shows that the sector's contribution to GDP in the coming year might reach €194 billion.
According to the global tourism body report, the Travel and Tourism sector will grow at an annual rate of 2.5 percent in the next ten years. This means a five-year growth rate of 0.5 percent of the country's economy and a predicted growth of over €226 billion by 2032.
Italy's Travel and Tourism sector create over half a million or 533,000 new job opportunities each year.
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In 2022, the sector's contribution to the GDP is expected to grow by 8.7 percent to more than 176 billion euros, representing 9.6 percent of the total economic GDP. Under this sector, employment will increase by two percent to reach 2.7 million job opportunities.
In this aspect, Julia Simpson, the President and CEO of the WTTC, stated that the pandemic had caused a certain amount of damage to Italy's Travel and Tourism sector, wiped out billions from the economy as many businesses faced losses, thousands have lost their jobs.
Julia Simpson also mentioned, "The outlook is brighter than the last two years. The Travel and Tourism's projections provide a heavy boost, not just to the overall economy of Italy but also to the new job opportunities."
The total contribution towards the GDP was 10.6 percent or 194.8 billion earlier to the pandemic. It fell to only 6.1 percent or 102.6 billion in 2020, with a loss of 47.3 percent.
Additionally, the WTTC EIR report has mentioned that France's Travel and Tourism sector may become better than the pre-pandemic levels by next year, which is projected to grow by 2.2 percent.
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500000 Job opportunities
World Travel and Tourism Council (WTTC)
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