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‘Recovery will be so excellent’ – global tourism expected to bounce back by 2023

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The global travel and tourism sector is expected to return to pre-pandemic levels in 2023 and grow at a rate that will outpace global GDP growth, the World Travel and Tourism Council (WTTC) said on Thursday.

The industry is expected to register a compound annual growth rate of 5.8 percent from 2022 to 2032 against the 2.7 percent increase in global GDP and add 126 million new jobs, the WTTC said in a report released during the Industry Group Conference in Manila.

The WTTC is a London-based, voluntary travel and tourism forum composed of members from the global business community.

In 2019, tourism accounted for a tenth of global GDP and jobs, but the coronavirus pandemic decimated the $9.6 trillion industry, halving its output and leaving 62 million people unemployed, it said .

“The recovery will be so excellent that it will recover really strongly. Of course, this depends on China reopening,” said WTTC President Julia Simpson, urging all governments to reopen borders.

China’s “zero Covid” policy and ongoing lockdowns have disrupted global trade and domestic and international travel.

The GDP of the travel and tourism industry is expected to reach $8.35 trillion this year and $9.6 trillion in 2023, a return to pre-pandemic levels.

According to the WTTC, tourism jobs are expected to rebound to 300 million this year and 324 million in 2023, almost the same as 2019’s 333 million.

It comes as United Airlines this week forecast its highest quarterly revenue in the company’s history for the second quarter of 2022 — despite reporting a slightly larger-than-expected first-quarter loss amid rising fuel costs.

However, compared to North America and Europe, Asia-Pacific travel lags behind due to strict border restrictions in many countries.

In Southeast Asia, travelers are now boarding planes again as the region’s immigration and Covid-19 quarantine rules are lifted.

But a full recovery will be slow, industry officials say.

https://www.independent.ie/life/travel/travel-news/the-recovery-is-going-to-be-so-stellar-global-tourism-projected-to-bounce-back-by-2023-41576479.html ‘Recovery will be so excellent’ – global tourism expected to bounce back by 2023

Fry Electronics Team

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