The global travel and tourism sector would be bouncing back like the pre-pandemic era in the year 2023 and will grow at the rate that it will outpace global GDP said the World Travel and Tourism Council (WTTC) on Tuesday.
It is expected that the annual growth rate will increase to over 2.7% more and will also create over 126 million jobs worldwide. WTTC said in a report released during the industry group’s conference in Manila.
In 2019-20, tourism accounted for over 10% of global GDP and jobs but this was cut amid countries imposing travel bans amid rising cases of coronavirus which thus has affected the $9.6 trillion industry and left over 62 million people jobless.
“The recovery is going to be so stellar that it’s going to recover really powerfully. This does depend of course on China’s reopening, said Julia Simpson, who is WTTC President.
The zero covid policy from China and persistent lockdown have disrupted global trade and domestic and international travel.
The travel and tourism industry’s GDP is seen hitting $8.35 trillion this year and $9.6 trillion in 2023, a return to its pre-pandemic level.
Tourism jobs are projected to recover to 300 million this year and 324 million in 2023, close to the 333 million seen in 2019, WTTC said.
In Asia-Pacific alone, the hospitality industry’s GDP will likely hit $3.4 trillion in 2023, already above the $3.3 trillion it saw in 2019, it said.
Many regions across the world are now lifting the ban on tourism and are reopening their borders to welcome international/domestic tourists. This includes many countries across South East Asia, however, a full recovery will be slow, industry members say.
