Travel & Tourism would strike $8.6 trillion in 2022

(Photo: WTTC)

The World Travel & Tourism Council (WTTC) has revealed the prediction of the global Travel & Tourism sector’s contribution to the global economy in 2022 in their latest major research.

Accordingly, the research showed that the Travel & Tourism sector could achieve $8.6 trillion this year, just 6.4% behind pre-pandemic levels.

In 2019, before the travel was stagnant by the pandemic, the sector contributed nearly $9.2 trillion to the global economy; And in 2020, receiving a harsh wave from the pandemic, the sector came from hero to zero with a severe loss of nearly $4.5 trillion.

However, since the world has finally begun to recover from the pandemic, the contribution from the sector to both the global economy and employment would strike almost pre-pandemic levels this year.

Another result of research from the global tourism body also showed that with the pace of the vaccine and booster implementation, and governments are loosening restrictions to international travel, the sector would create 58 million jobs in 2022, to reach more than 330 million, just 1% below pre-pandemic levels and 21.5% higher than in 2020.

WTTC President & CEO, Ms. Julia Simpson stated: “Over the past two years, the global Travel & Tourism sector has suffered tremendous losses. 2022 is poised for a strong recovery if governments continue to open up and remove restrictions to travel. Our sector could recover more than 58 million jobs and generate $8.6 trillion which would boost economic recovery around the world. As people start travelling again, governments must implement simplified rules, including the use of digital solutions. Travel of the future should be contactless while guaranteeing safety.”

Travel & Tourism generated 10.4% of global GDP and created more than 330 million jobs in 2019, so in order to reach close to this level, this year the world should focus on the vaccine and booster rollout, allowing fully jabbed travellers to travel freely without testing requirements, according to WTTC. At the same time, the global tourism body also suggested that governments should loosen restrictions and start implementing digital solutions for international travel so that travellers can prove their status in a fast, simple and secure way.

Vietnam National Administration of Tourism
Tourism Information Technology Center
Tags: Travel & Tourism, WTTC, international travel, global tourism,