Travel and tourism contribution to global GDP could reach $8.6 trillion in 2022: WTTC
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Travel and tourism contribution to global GDP could reach $8.6 trillion in 2022: WTTC

Travel and tourism contribution to global GDP could reach $8.6 trillion in 2022: WTTC

The global tourism body says the sector’s contribution to the global economy could reach almost pre-pandemic levels this year

The World Travel & Tourism Council (WTTC) has said the sector’s contribution to the global economy could reach $8.6 trillion, 6.4 per cent down on pre-pandemic levels. The factors that will boost the sector’s recovery include the vaccine and booster rollout keeping pace through the year and restrictions to international travel easing around the world.

In 2019, before the pandemic struck, the 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 massive 49.1 per cent drop, representing a loss of nearly $4.5 trillion.

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

Julia Simpson, WTTC president and CEO, said: “Over the past two years, due to severe travel restrictions around the world, the global travel and 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.

“Governments must shift their risk assessment from entire countries to the individual traveller and allow the fully vaccinated to travel freely.”

WTTC said that governments around the world must continue focussing on the vaccine and booster rollout, allowing fully vaccinated travellers to move freely without the need for additional testing, and for others to travel with a negative test.

The global tourism body also urged governments to continue to implement digital solutions, which enable travellers to easily prove their status in a simplified and secure way, and increase global harmonisation of measures.

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