The global travel and tourism industry is set to create 126 million jobs within the next decade, according to a report published today.
Data from the World Travel and Tourism Council (WTTC) has reported the sector’s GDP will grow at an average rate of 5.8 per cent annually between 2022 and 2032 – 3.1 per cent up on the growth rate for the global economy.
By 2032, the WTTC has forecast, travel and tourism will contribute to 11.3 per cent of the global economy, reaching $14.6 trillion.
“Looking to this year and the next, WTTC forecast a brighter future with both GDP and employment set to reach pre-pandemic levels by next year,” said WTTC’s president Julia Simpson.
Due the pandemic’s impact, in 2021 the sector’s recovery was slower than expected but the situation is set to improve by next year.
Forecasts point to global travel and tourism’s GDP reaching pre-pandemic levels by 2023, with the sector’s contribution to the global economy growing 43.7 per cent to around $8.4 trillion by the end of this year.
The growth will be matched by a similar boost in employment, with levels remaining just 2.7 per cent below on 2019.
The report was welcomed by the travel industry, with travel association ABTA saying: “Travel and tourism will play a vital role in moving the world economy forward, providing hundreds of millions of new jobs and driving economic growth.”
Even though country-specific data are yet to be released, the UK is “well-placed to benefit from this growth,” as it is the world’s sixth most popular destination.
According to Travel Alliance’s director Kurt Janson, the government to maximise benefits should introduce “tourism-friendly” policies such as “allowing school groups to enter the UK on a single document, introducing a low-cost 5 year visitor visas and reversing the decision to remove the UK’s VAT reclaim scheme for visitors.”