travel

Travel industry's contribution to global economy could reach $8.6 trillion in 2022

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New research from the World Travel & Tourism Council (WTTC) has revealed that as the global travel and tourism sector begins to recover from the ravages of the ongoing COVID19 pandemic, its contribution to the global economy could reach $8.6 trillion this year.

In 2019, before the pandemic struck, the travel and tourism sector generated nearly $9.2 trillion to the global economy. However, in 2020, the pandemic brought the sector to an almost complete halt, causing a 49.1% drop, representing a loss of nearly $4.5 trillion.

Latest research from WTTC shows that as the world finally begins to recover, the sector’s contribution to the global economy and jobs could reach almost pre-pandemic levels this year, if the recovery of the sector continues to pick up pace.

The research shows that if the vaccine and booster rollout continue at pace, and restrictions to international travel are eased around the world throughout the year - increasing the number of people who can travel ‘quarantine free’ - the sector’s contribution to the global economy could reach $8.6 trillion, down just 6.4% on pre-pandemic levels.

WTTC’s research also shows that the sector’s contribution to global employment could reach more than 330 million, just 1% below pre-pandemic levels and up 21.5% on 2020, representing 58 million more jobs.

“Over the past two years, due to severe travel restrictions around the world, the global travel and tourism sector has suffered tremendous losses,” said Julia Simpson, WTTC President & CEO. “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. Governments must shift their risk assessment from entire countries to the individual traveller and allow the fully vaccinated to travel freely.”

© Travel News Asia

©2022 GPlusMedia Inc.

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A big spoon full of wishful thinking by the industry itself, probably in hopes of drawing investment.

Seriously, to claim travel will generate $8.6 billion this year, when 2019 was $9.2 billion? That's about 7% off. But January and February are already pretty shot, March ain't looking too good much of anywhere, and limits will still be in place well into the summer for many major players, including Japan, Australia, NZ, Taiwan, and Korea. Oh, and then there's China, which alone probably contributed about 15%-20% of travel $$ in 2019. They won't be going anywhere any time soon.

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