Key Takeaways
- After a 50.4% decline in 2020, the industry saw a 21.7% rebound in 2022, with varying regional recoveries.
- Asia-Pacific suffered a 59% drop, possibly returning to 2019 levels by next year. North America rebounded by 23.1% in 2021.
- Predictions estimate a sectoral return to pre-pandemic levels by 2023, generating 16 million new tourism jobs.
London, United Kingdom–World Travel & Tourism Council (WTTC) published its annual ‘Travel & Tourism Economic Impact’ report for 2022 in August. The report illuminated the present dynamics of the global travel industry following the COVID-19 pandemic.
According to the report, global tourism’s contribution to overall GDP fell by 50.4% in 2020 compared to the previous year. 2022 was better, with an average global recovery of 21.7%; some regions showed better recovery than others.
The Asia-Pacific region suffered the greatest, with a fall of 59%. The report states that this region might be the only one to achieve its 2019 levels by the end of next year.
North America experienced a fall of 45.5% and recovered by 23.1% in 2021.
Returning to the normal
The report noted that in 2022, the sector could grow at an even faster rate and is expected to return to 2019 levels and create 16 million new jobs in the tourism sector by the end of 2023.
The Latin America region fell 45.5% but was the quickest to bounce back, showing a recovery of 23.1%, and 3.6 million new jobs are estimated.
Africa experienced a recovery of 23.5%, and 14 million jobs are estimated to be created by the end of next year.
The Middle East experienced the slowest recovery after experiencing a fall of 50% in 2020 and rebounding by 15.9% this year. The tourism sector is estimated to create 3.6 million jobs.
Europe’s travel and tourism sectors’ contribution to the economy rebounded by 28% in 2021, creating 8 million new jobs compared to 2022.
The World Travel & Tourism Council is a forum for the travel and tourism industry. It comprises members from the global business community and works with governments to raise awareness about the travel and tourism industry.
What We Think
The WTTC report reveals promising strides in tourism’s revival but highlights regional disparities. To ensure sustainable recovery, harmonizing strategies and fostering international cooperation are crucial.
Embracing adaptive measures and prioritizing eco-conscious tourism practices could foster a more equitable and resilient industry resurgence.
Collaborative efforts focusing on community support, innovative marketing, and infrastructural advancements will play a pivotal role in fortifying global tourism’s trajectory towards stability and growth.
Check out the report here.
