Global travel and tourism spending fell 0.6% in 2016, according to WTTC’s annual report released today.
According to the Globe Travel and Tourist Council, the travel and tourism sector’s recovery is being hampered by a lack of international coordination, harsh travel restrictions, and lower vaccination rates in certain areas of the world (WTTC).
According to the organization, the sector’s slow recovery will result in a year-on-year increase of less than one-third in its contribution to global GDP this year.
In 2019, travel and tourism brought in more than $9 trillion to the global economy. In 2020, the epidemic brought travel to a halt, resulting in a 49 percent decrease in travel and a $ 4.5 trillion loss.
Travel and tourism are slowly making a return in 2021, but they are nowhere near where they were in prior years. The World Travel and Tourism Council estimates that Travel & Tourism will contribute a modest 30.7 percent year-on-year growth to the global economy in 2021, amounting to just USD 1.4 trillion and driven mostly by domestic expenditure.
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The outlook for next year is anticipated to be similar. In 2022, the travel and tourism industry is projected to grow at a similar modest pace of 31.7 percent year over year.
“While the global travel and tourism sector is beginning to recover from the ravages of COVID-19, our research clearly shows that there are still too many restrictions in place, as well as an uneven vaccine rollout, resulting in a slower than expected recovery of just under a third this year,” said Julia Simpson, president and CEO of the World Travel and Tourism Council. “Globally, 62 million travel and tourism jobs were lost last year, and our data indicates a paltry 0.7 percent increase this year,” says the report. While the global economy and employment prospects for next year seem to be improving, the present pace of recovery is just not quick enough and is mostly driven by domestic travel, which will not result in a complete economic recovery.”
According to Simpson, government cooperation may assist in the industry’s revival.
“There is a chance to save employment and increase economic prosperity if governments start looking globally and assist Travel & Tourism with simpler regulations to allow the safe resumption of travel,” she added.
Several measures highlighted by WTTC study may contribute to a better future:
—Remove complicated tiered systems by allowing properly immunized passengers to transit freely regardless of their origin or final destination.
—The use of digital technologies that allow all passengers to quickly and easily verify their COVID status, thus speeding up the procedure at international crossings.
—All vaccinations approved by the World Health Organization (WHO) and/or any of the Strict Regulatory Authorities must be recognized (SRA).
—Agreement from all relevant agencies that improved health and safety procedures make international travel safe.
According to the WTTC, the effect of these four regulations may be substantial, with the sector’s contribution to the global economy increasing by 37.5 percent to $6.4 trillion this year (compared to USD 4.7 trillion in 2020).
Check out the interactive guide below for the most up-to-date information about travel across the world: