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Global tourism sector recovering faster than expected this year, WTTC says
Total tourism arrivals worldwide are expected to grow 5 per cent in 2023.
A baby mountain gorilla in the Sabyinyo Mountains of Rwanda. The country is the first African host of the ongoing World Travel and Tourism Council's annual global summit. AFP
The global tourism sector is rebounding at a faster pace than expected this year, despite macroeconomic and geopolitical tensions, but environmental sustainability must be central to its recovery.
That is according to the latest global tourism outlook revealed by the World Travel and Tourism Council on Wednesday at its annual global summit, held for the first time in Africa, in the Rwandan capital Kigali.
Total tourism arrivals worldwide are expected to grow 5 per cent in 2023, compared to 2019, according to WTTC's latest forecast in partnership with Oxford Economics. That is an improvement on the 2 per cent the organisation predicted in March.
“Despite economic and geopolitical turmoil in 2023, we're seeing that this year so far is showing a faster recovery than our initial expectations,” Julia Simpson, the WTTC's president and chief executive, said at the summit's opening press briefing.
“Our previous predictions in March have now been exceeded by travel and tourism's current performance … every single region is growing faster than we had originally predicted.
“Once again, our sector has shown its true resilience and grit in the reopening after the pandemic.”
Tourism arrivals into the Middle East are set to rise 28 per cent this year, from their pre-Covid levels, the October forecast showed. The organisation in March had predicted 22 per cent growth.
Asked specifically about the impact of the Russia-Ukraine and Israel-Gaza wars on the recovery of global tourism, Ms Simpson said: “All I can say is that the WTTC, as an organisation that represents travel and tourism, we stand for peace, we stand for building bridges and we stand for connecting people.”
Airlines in the Middle East have said that the Israel-Gaza war has led to a drop in air travel to the region , as the conflict rages on amid international calls to halt the fighting to ease the humanitarian disaster in the enclave.
Challenges include costly flight diversions for security reasons, steep fuel bills and a drop in international visitors.
The global travel and tourism sector contributed to more than 10 per cent of the global gross domestic product in 2019, with the industry worth $10 trillion.
It lost about 50 per cent of its value during the Covid-19 pandemic, making it one of the hardest hit sectors.
So far this year, the sector has nearly recovered to its pre-Covid levels, according to the WTTC.
Travel and tourism is expected to contribute 9.2 per cent to the global GDP at a value of $9.5 trillion in 2023, just 5 per cent below its 2019 levels. That is a 23.3 per cent year-on-year increase from the $7.7 trillion recorded in 2022.
“We are very resilient, we come back. It's deep in our DNA to travel and to connect,” Ms Simpson said.
Winston Duke speaks in Saudi Arabia for World Tourism Day
The industry has not fully rebounded to 2019 levels yet partly because China's full recovery potential has yet to be realised, Ms Simpson said.
“The reason we're not quite there is that China, which is one of the biggest travel and tourism economies, only opened this year and is still going through those opening processes of making sure people can travel and get visas,” she said.
“We've also had some issues around labour shortages, which were short-term, but hampered a little bit the recovery. But we're practically there.”
In the next 10 years, the value of the travel and tourism industry is going to increase to reach about $15.5 trillion, according to Ms Simpson.
But rebuilding the sector following the pandemic-induced turmoil must also take into account its impact on the environment, she said.
Travel and tourism was responsible for 8.1 per cent of greenhouse gas emissions in 2019, 10.6 per cent of total global energy and 0.9 per cent of freshwater use, according to a study revealed last year by the WTTC and Sustainable Tourism Global Centre, part of Saudi Arabia's Ministry of Tourism.
“Travel and tourism is recovering but as we know, sustainability needs to be at its centre,” Ms Simpson said. “Growing back better means growing sustainably.”
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Welcome to WTTC's global Research Hub. Here you will find all our reports which provide critical evidence to empower the public and private sectors, and help to shape policies and investments that bolster Travel & Tourism. We analyse Travel & Tourism's economic and employment impact in 185 economies, 82 cities and 26 regions worldwide. We also produce reports on the environmental and social impacts of Travel & Tourism, as well as thought leadership reports on themes such as diversity, equity, inclusion and belonging, and retail tourism. Explore full reports (free for WTTC members and purchasable for non-members) or discover valuable insights in our library of freely available economic factsheets.
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COMMENTS
WTTC's latest annual research shows: In 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. In 2022, there were 22 million new jobs, representing a 7.9% increase on 2021, and only 11.4% below 2019.
The World Travel & Tourism Council (WTTC) represents the Travel & Tourism sector globally. Our Members include over 200 CEOs, Chairpersons and Presidents of the world's leading Travel & Tourism companies from across the world and industries. WTTC works to raise awareness of Travel & Tourism as one of the world's largest economic sectors, supporting one in 10 jobs (319 million) worldwide ...
U.S. domestic Travel & Tourism spending is forecast to reach more than $1.1 trillion for the year, surpassing pre-pandemic levels by 11.3%; International traveler spending in the U.S. could see growth of $113 billion, compared to 2020, reaching nearly $155 billion, slightly below (14%) 2019 levels; Employment in the sector could also surpass pre-pandemic levels, reaching nearly 16.8 million ...
A Look into the Future WTTC forecasts robust 11.5% growth in investment in 2023, amounting to $955BN, with a return to pre-pandemic levels anticipated by 2025. By 2033, WTTC forecasts a promising 6.1% average annual growth globally, with the strongest annualised growth rates projected to be in Asia-Pacific and the Caribbean.
According to WTTC's 2021 Economic Impact Report, during 2020, a year in which it was devasted by the COVID-19 pandemic, Travel & Tourism made a 5.5% contribution to global GDP and was responsible ...
So far this year, the sector has nearly recovered to its pre-Covid levels, according to the WTTC. Travel and tourism is expected to contribute 9.2 per cent to the global GDP at a value of $9.5 trillion in 2023, just 5 per cent below its 2019 levels. That is a 23.3 per cent year-on-year increase from the $7.7 trillion recorded in 2022.
The World Travel & Tourism Council (WTTC) represents the Travel & Tourism sector globally. ... According to the forecast, produced in partnership with Oxford Economics, between 2022 and 2032, jobs in the U.S. Travel & Tourism could grow at an average rate of 3.9% annually, representing a 47% increase from 2022 expected job levels.
World Travel and Tourism Council. The World Travel & Tourism Council (WTTC) is a forum for the travel and tourism industry. [1] It is made up of members from the global business community and works with governments to raise awareness about the travel and tourism industry. [1] [2] It is known for being the only forum to represent the private ...
By 2033, WTTC forecasts a promising 6.1% average annual growth globally, with the strongest annualized growth rates projected to be in Asia-Pacific and the Caribbean.
Welcome to WTTC's global Research Hub. Here you will find all our reports which provide critical evidence to empower the public and private sectors, and help to shape policies and investments that bolster Travel & Tourism. We analyse Travel & Tourism's economic and employment impact in 185 economies, 82 cities and 26 regions worldwide.
WTTC research shows the U.S. Travel & Tourism sector could record nearly 36% growth in 2021 and is on track to exceed pre-pandemic levels in 2022. London (Nov. 9, 2021) - The latest research from the World Travel & Tourism Council ( WTTC) reveals the U.S. Travel & Tourism sector could experience year-over-year growth of 35.6% in 2021 ...
Latest Insights & Publications. You can now access our latest research on our new Research Hub, including the 2023 edition of our industry-leading Economic Impact Research, as well as the latest research on cities' economic impact. Below you will find past reports that offer key insights and research on issues across the Travel & Tourism sector ...
The World Travel & Tourism Council (WTTC) represents the Travel & Tourism sector globally. ... In 2023, WTTC forecasts the sector's GDP contribution will reach $2.2TN and that job numbers will total 17.4MN. This impressive growth was fuelled by a strong resurgence in demand from international visitors, whose spending increased by more than ...
Sustainable growth. The growth of Travel & Tourism continues to outpace that of the global economy for the ninth consecutive year. What's more, international arrivals, which reached 1.5 billion in 2019, are forecast to reach 1.8 billion by 2030. It is essential, that together, we ensure that this growth is sustainable & inclusive and that it ...
Capital Investment Fuels Growth in Travel & Tourism, Forecast to Reach Nearly $1 Trillion says WTTC. 22/08/2023 Read more. WTTC Predicts Germany's Travel & Tourism Sector to Rebound to 95% of Pre-pandemic Levels ... WTTC: U.S. Travel & Tourism Recovery Projected to Exceed Pre-pandemic Levels in 2022. 09/02/2022 Read more. UK Economy Suffered ...
London, UK: Worldwide business travel spending looks set to rise by more than a quarter this year and reach two thirds of pre-pandemic levels by 2022, according to the World Travel & Tourism Council ( WTTC ). The forecast comes in a major new WTTC report in collaboration with McKinsey & Company called 'Adapting to Endemic Covid-19: The ...
The World Travel & Tourism Council's ( WTTC) 2023 Economic Impact Research (EIR) today shows the Travel & Tourism sector is closing in on its 2019 peak, recovering by more than 95%. In 2023, the sector is forecast to reach $9.5TN, just 5% below 2019 pre-pandemic levels when travel was at its highest. 34 countries have already exceeded 2019 ...
Our new Data Visualisation portal features new dashboards and our Economic Impact Reports (EIR) raw data, both dating back to 1995. Strategic Partners: Our WTTC Data Visualisation portal visualises our Economic Impact Research. It is a vital tool for the Travel & Tourism sector for business in the sector as well as governments.
Guangzhou, China: The World Travel & Tourism Council's ( WTTC) 2023 Economic Impact Research (EIR) today reveals China's Travel & Tourism sector's GDP contribution is forecast to grow more than 150% this year. The sector is set to contribute CNY 9.9TN to the economy this year, edging closer to the 2019 pre-pandemic high of CNY 12.27TN.
The World Travel & Tourism Council (WTTC) represents the Travel & Tourism sector globally. Our Members include over 200 CEOs, Chairpersons and Presidents of the world's leading Travel & Tourism companies from across the world and industries. WTTC works to raise awareness of Travel & Tourism as one of the world's largest economic sectors, supporting one in 10 jobs (319 million) worldwide ...
In this context, WTTC focuses on three key initiatives: Security and Travel Facilitation. Sustainable Growth. Crisis Preparedness, Management & Recovery. Alongside our three key initiatives, during the COVID-19 pandemic, we have been working to reopen the Travel & Tourism sector together with our Members, Governments, and other associations.
London, UK: The World Travel & Tourism Council (WTTC) has revealed South Korea's Travel & Tourism is expected to create nearly half a million jobs over the next decade. The forecast from WTTC's latest Economic Impact Report (EIR), which shows an average of nearly 49,000 new jobs every year, to reach nearly 1.8 million by 2032, also reveals ...
WTTC works to raise awareness of Travel & Tourism as one of the world's largest economic sectors, supporting one in 10 jobs (319 million) worldwide, and generating 10.4% of global GDP. ... "Travel & Tourism was forecast to account for 9.2 % of global GDP in 2023 or $9.5 trillion dollars, employing 320 million people. That's one in 11 jobs ...
London, UK: The World Travel & Tourism Council (WTTC) has revealed the Travel & Tourism sector in China is expected to create more than 30 million jobs over the next decade, representing a quarter of all new jobs globally. The forecast from WTTC's latest Economic Impact Report (EIR) shows the sector will reach more than 107 million employed within the sector by 2032.