A bullish Economic Impact Report (EIR), released by the World Travel & Tourism Council (WTTC) expects the world travel industry to create nearly 126 million new jobs within the next 10 years. The announcement was made WTTC president and CEO Julia Simpson (pictured), in her opening speech at the WTTC Global Summit in Manila.
The report concluded that one in three of all new jobs would be created by the tourism industry over the next decade.
Travel and tourism is expected to grow its GDP at an average annual rate of 5.8% between 2022-2032, outstripping the 2.7% growth rate for global economy, to reach US$14.6 trillion (11.3% of the total global economy).
Employment in the sector in 2023 is expected by the WTTC to climb to a level just 2.7% off pre-pandemic levels.
Simpson, said: “One in three of every new job created will be related to our sector…Looking to this year and the next, WTTC forecasts a brighter future with both GDP and employment set to reach pre-pandemic levels by next year.”
In 2021, the travel and tourism industry recovered more than 18 million jobs, the EIR report said.
Simpson said the recovery in 2021 was slower than expected due in part to the impact of the Omicron variant and what she called the “uncoordinated approach” by governments who rejected WHO advice that closing borders would not stop the spread of the virus but would only serve to damage economies and livelihoods.
The EIR report identifies the Asia Pacific region as a key driver for renewed employment and a growth in GDP.
To view the WTTC’s Economic Impact Reports for 2021 and 2022, please click here.
