Article by WTTC | October 8, 2021
The Travel & Tourism sector’s continued sluggish recovery will see its year-on-year contribution to global GDP rise by less than one third in 2021, according to new research from the World Travel & Tourism Council (WTTC).
In a slower than expected recovery GDP contribution will only increase by less than one third.
Nearly 19 million Travel & Tourism jobs in the balance in 2021
With the right measures, governments could see jobs surpass 2019 levels by 2022.
WTTC, which represents the global Travel & Tourism private sector, says the recovery of the sector has been hampered by the lack of international coordination, severe travel restrictions and slower vaccination rates in some parts of the world which still hamper many regions of the world.
In 2019, the Travel & Tourism sector generated nearly USD 9.2 trillion to the global economy, however in 2020, the pandemic brought Travel & Tourism to an almost complete standstill which resulted in a 49.1% drop, representing a punishing loss of nearly USD$ 4.5 trillion.
While the global economy is set to receive a modest 30.7% year on year increase from Travel & Tourism in 2021, this will only represent USD 1.4 trillion and is mainly driven by domestic spending.
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