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Travel & Tourism to Contribute With $8.6 Trillion to Global Economy

04.02.22 00:00

In 2019, before the outbreak of the Coronavirus pandemic and the worldwide bans that were imposed in a bid to halt its spread, the Travel and Tourism sector generated nearly $9.2 trillion for the global economy.

In a press release issued by the World Travel and Tourism Council, its President and CEO, Julia Simpson, said that the global Travel & Tourism sector had suffered tremendous losses over the past two years.

“2022 is poised for a strong recovery if governments continue to open up and remove restrictions to travel. Our sector could recover more than 58 million jobs and generate $8.6 trillion, which would boost economic recovery around the world. As people start travelling again, governments must implement simplified rules, including digital solutions,” she noted, adding that the future of travel should be contactless while guaranteeing safety for all travellers.

Recent research by the WTTC has shown that the contribution of the global Travel and Tourism sector to the global economy could reach $ 8.6 trillion this year, just 6.4 per cent behind the pre-pandemic levels.

The same also shows that the COVID-19 measures imposed in a bid to prevent the spread of infections have brought the sector to an almost complete standstill, which has resulted in a 49.1 per cent drop in the sector’s contribution to the global economy, which in ‘money language’ translates to a loss of nearly $4.5 trillion in 2020 alone.

The research also claims that if the vaccination of the global population continues at the same pace this year, 58 million new jobs in the sector could be created by year’s end, bringing the total of jobs in the sector to 330 million, only one per cent below pre-pandemic levels, and 211.5 per cent more than 2020, SchengenVisaInfo.com reports.

Data show that the sector in 2019 generated 10.4 per cent of global GDP and more than 330 million jobs. According to WTTC, to reach near pre-pandemic levels this year, governments worldwide must continue working to vaccinate more people, including with booster shots, while allowing fully vaccinated travellers to move freely without obliging them to test pre-departure or upon arrival.

Previously, SchengenVisaInfo.com reported that global tourism bodies ACI EUROPE and International Air Transport Association (IATA) had urged governments to lift restrictions and enable international travel by using digital solutions that allow travellers to test their status quickly, securely, and straightforwardly.

Italy, France, and Portugal are the three countries that suffered a heavy loss in the tourism sector due to the pandemic. In Portugal, almost 92,000 people working in the travel and tourism sector lost their jobs last year.

The French travel and tourism sector also has lost 138,000 jobs accounting for a 10.5 per cent reduction in the sector. Another 219,000 workers are believed to have remained jobless in the second half of 2021. Italy is the third country that revealed 263,000 tourism-related jobs were discontinued by the end of 2021.The country had witnessed the loss of 215,000 jobs lost int eh sector in 2020.
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