Global Tourism Is Reaching Its Pre-Pandemic Level From 2019

Global Tourism Is Reaching Its Pre-Pandemic Level From 2019

The global travel and tourism industry is still steadily recovering and is already approaching the heights of the pre-pandemic years.

The travel and tourism sector has recovered 95 percent, according to the latest Economic Impact Report from the World Travel & Tourism Council (WTTC). In addition, the WTTC forecasts that the industry will generate $9.5 trillion in 2023. That’s just 5% less than before the 2019 pandemic when tourism was at its peak.

Additionally, according to the WTTC, 34 nations have already surpassed 2019 levels.

The new information is based on joint research with Oxford Economics. The study also reveals that the industry is anticipated to regain 95% of its employment levels from 2019 in the coming year.

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This optimistic forecast for the travel sector for 2023 follows a long period of consistent growth in 2022. According to the WTTC, the travel and tourism sector rose by 22% year over year to reach a healthy $7.7 trillion in 2022, despite the numerous economic and geopolitical challenges present worldwide..

The industry recovery’s final contribution to the global economy was 7.6 percent, which was its highest level since 2019. Even so, the worldwide GDP for travel and tourism is still 22.9 percent below its pre-pandemic levels in 2019.

Another encouraging finding from the new data is that foreign visitor expenditure increased by a record 82 percent to $1.1 trillion in 2022, demonstrating that international tourism is once again back on track.

“By the end of the year, the sector’s contribution will be within touching distance of the 2019 peak. We expect 2024 to exceed 2019,” Julia Simpson, WTTC president & CEO, said in a statement. “The travel and tourism sector continues to recover at pace, demonstrating the resilience of the sector and the enduring desire to travel.”

Additional highlights from the WTTC report:

  • According to the international tourism organization, the industry’s GDP contribution will increase to $15.5 trillion by 2033, or 11.6% of the world economy.
  • By 2033, 430 million people will work in the travel business globally, accounting for about 12% of all employed persons.
  • In terms of GDP contribution, 34 of the 185 nations examined for the study have now reached pre-pandemic levels.
  • By the end of 2023, WTTC predicts that 95 percent of the 185 nations will have either fully returned to pre-pandemic levels or be close to doing so.