Travel & Tourism to clock $15.5 trillion revenue by 2033
The World Travel & Tourism Council (WTTC) believes that by 2023-end, the travel and tourism sector will hit $9.5 trillion, only 5% below pre-pandemic levels. The association's research conducted in partnership with Oxford Economics, projects a rebound to 95% of the 2019 job levels. To note, in spite of challenges like the Russia-Ukraine conflict, the sector experienced a 22% year-on-year growth in 2022, reaching $7.7 trillion and accounting for 7.6% of the global economy.
The sector will employ 12% of working population by 2033
The WTTC predicts that by 2033, the sector's GDP contribution will expand to $15.5 trillion. This will represent 11.6% of the global economy and employ 430 million people worldwide or nearly 12% of the working population. The new research also indicates that 34 of the 185 countries analyzed have already bounced back to pre-pandemic GDP contribution levels. Nearly half of them are projected to achieve full recovery or be within 95% of it by the end of this year.
International visitor spending rose 82% in 2022
Last year, the travel and tourism sector generated 21.6 million new jobs, raising the global total to over 295 million, or one in 11 jobs worldwide. International visitor spending also skyrocketed by a record 82%, amounting to $1.1 trillion. WTTC President and CEO Julia Simpson emphasized the sector's resilience and unwavering desire to travel.
