The bullish forecast from WTTC, which represents the global travel and tourism private sector, also shows the sector will be a driving force of the global economic recovery, creating one in three of all new jobs.
The announcement was recently made by Julia Simpson, CEO, WTTC, in her opening speech at its prestigious Global Summit in the Philippines.
The prediction was delivered in the capital, Manila, before more than 1,000 delegates from across the global travel and tourism sector, including CEOs, business leaders, government ministers, travel experts and the international media.
The EIR report shows travel and tourism’s GDP is forecasted to grow at an average rate of 5,8 percent annually between 2022-2032, outstripping the 2,7 percent growth rate for global economy, to reach USD14,6 trillion (11,3 percent of the total global economy).
And in additional grounds for optimism, the report also shows global travel and tourism GDP could reach pre-pandemic levels by 2023 - just 0,1 percent below 2019 levels. The sector’s contribution to GDP is expected to grow a massive 43,7 percent to almost USD8,4 trillion by the end of 2022, amounting to 8,5 percent of the total global economic GDP - just 13,3 perecent behind 2019 levels.
This will be matched by a boost in travel and tourism employment, which is expected to approach 2019 levels in 2023, only 2,7 percent below. Looking back a year, WTTC’s latest EIR report also revealed that 2021 saw the beginning of the recovery for the global travel and tourism sector.