This summer’s massive passenger influx into airports across the globe is a foreshadowing of what lies ahead for the tourism industry.
Travel is predicted to grow to a $15.5 trillion business by 2033, representing more than 11.6% of the world economy. This is a rise of 50% from its $10 trillion value in 2019, when travel accounted for 10.4% of the global GDP.
The travel and tourist sector has recovered so strongly in 34 nations that economic activity has surpassed that of the pre-pandemic period.
Travel Will Represent a $15.5
That is merely one of the highlights from the 2023. Economic Impact Research (EIR) report by the World Travel & Tourism Council (WTTC).
According to the recently issued data, the travel and tourism sector. Has recovered by more than 95% globally and is approaching 2019 levels of economic activity.
The travel and tourism sector is predicted to reach $9.5 trillion in 2023. Alone, just 5% below pre-pandemic levels for 2019, when travel was at its peak.
The global tourism organization’s prediction that the travel and tourism sector will increase its contribution to global. GDP to a mind-boggling $15.5 trillion by 2033 is arguably the most important lesson.
In that case, the sector would account for 11.6% of the world economy. By 2033, it is anticipate that 430 million people, or roughly 12% of the world’s working population. Will be employe in the travel and tourism industry worldwide.
Despite the geopolitical and economic challenges.
That dogged 2022, travel and tourism made great post-pandemic progress in 2017. To be more precise, the market increased by 2% annually to $7.7 trillion.
In 2022, that amount will account for 7.6 percent of the world economy, the greatest sector contribution since 2019.
Despite this, the industry’s worldwide GDP is still 22.9% below its 2019 peak. The travel and tourism sector saw year-over-year growth of 24.7% in 2021.
The conflict in Ukraine and ongoing travel restrictions imposed by a number of nations, notably. China, are just a few of the worldwide concerns and issues that continue to have an impact on the tourism sector.
Travel Will Represent a $15.5
According to the research, the recent decision by the Chinese government to reopen. Its borders in January is anticipate to boost the industry and enable it to return to pre-pandemic levels next year.
According to Julia Simpson, president and CEO of the WTTC. “The Travel & Tourism sector continues to rebound at pace, reflecting the resilience of the sector and the persistent desire to travel.
“By year’s end, the sector’s contribution will be very close to its peak in 2019. We expect 2024 to exceed 2019.”
1 thought on “Travel Will Represent a $15.5 Trillion Economy by 2033”