Global tourism industry to create nearly 126mn jobs in 10 yrs: Report

Manila: The global tourism industry is expected to create almost 126 million jobs worldwide within 10 years, the World Travel and Tourism Council (WTTC) said in a report released on Thursday in the Philippine capital.

The WTTC’s latest Economic Impact Report (EIR) says the travel and tourism sector will be a driving force of the global economic recovery from the Covid-19 pandemic, reports Xinhua news agency.

The report forecasts that the travel and tourism sector’s GDP will grow at an average rate of 5.8 per cent annually between 2022 and 2032, outstripping the growth rate for the global economy, to reach $14.6 trillion, equivalent to 11.3 per cent of the total global economy.

WTTC President and CEO Julia Simpson said at the Global Tourism Summit in Manila that “one in three of every new job created will be related to the sector”.

The report predicts that the travel and tourism sector across Asia and the Pacific region will rebound significantly and is estimated to create almost 77 million new jobs over the next decade.

At the same time, the sector’s contribution to regional gross domestic product (GDP) is forecast to grow at an average annual rate of 8.5 per cent between 2022 and 2032, faster than the region’s overall economic growth.

The report also shows that global travel and tourism GDP could reach pre-pandemic levels by 2023, just 0.1 per cent below 2019.

“This will be matched by a boost in travel and tourism employment, which is expected to approach 2019 levels in 2023, only 2.7 per cent below,” Simpson added.

According to the WTTC, the global tourism sector started recovering in 2021 when its contribution to GDP climbed by 21.7 per cent year on year to reach more than $5.8 trillion.

Also Read: South Korea to set up task force on new US-led economic framework

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