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Travel & Tourism Sector’s Contribution to global GDP could reach USD8,6 Trillion

Major new research from the World Travel & Tourism Council (WTTC) has revealed that as the global travel and tourism sector begins to recover from the ravages of the COVID-19 pandemic, its contribution to the global economy could reach USD8,6 trillion this year.

In 2019, before the pandemic struck, the travel and tourism sector generated nearly USD9,2 trillion to the global economy. However, in 2020, the pandemic brought the sector to an almost complete halt, causing a massive 49,1% drop, representing a severe loss of nearly USD4,5 trillion.

 Latest research from WTTC shows that as the world finally begins to recover from pandemic, the sector’s contribution to the global economy and jobs could reach almost pre-pandemic levels this year, if the recovery of the sector continues to pick up pace.

 Research by the global tourism body shows that if the vaccine and booster rollout continue at pace this year, and restrictions to international travel are eased around the world throughout the year - increasing the number of people who can travel ‘quarantine free’, the sectors contribution to the global economy could reach USD8.6 trillion, just 6,4 percent down on pre-pandemic levels.

 WTTC’s research also shows that the sector’s contribution global employment could reach more than 330 million, just one percent below pre-pandemic levels and up 21,5 percent up on 2020 representing a massive 58 million more jobs.