The Travel & Tourism sector’s continued sluggish recovery will see its year-on-year contribution to global GDP rise by less than one third in 2021, according to new research from the World Travel & Tourism Council (WTTC).
In 2019, the Travel & Tourism sector generated nearly USD 9.2 trillion to the global economy, however in 2020, the pandemic brought Travel & Tourism to an almost complete standstill which resulted in a 49.1% drop, representing a punishing loss of nearly USD$ 4.5 trillion.
While the global economy is set to receive a modest 30.7% year on year increase from Travel & Tourism in 2021, this will only represent USD 1.4 trillion and is mainly driven by domestic spending.
The economic modelling was conducted by Oxford Economics on behalf of WTTC and calculated a baseline scenario based on the current global vaccination rollout, consumer confidence and relaxed travel restrictions in some in regions around the world.
The research reveals that at the current rate of recovery, Travel & Tourism’s contribution to the global economy could see a similar moderate year on year rise of 31.7% in 2022.
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