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Economy

21 Apr 2022

Global Tourism to Rebound from Pandemic Slump by 2023 after 10-Year Growth Surge

The Index Today

The World Travel and Tourism Council (WTTC) revealed on Thursday that it expects the global travel and tourism industry to make a full-fledged recovery from its pandemic slump by 2023, surpassing the GDP growth worldwide.

According to Reuters, the WTTC in a report published at its conference in Manila contended that the global travel and tourism sector is poised to posit average yearly growth rate of 5.8% from 2022 to 2032 resulting in 126 million new jobs, compared to the world GDP growth of 2.7%.

As per the WTTC’s President, Julia Simpson, "The recovery is going to be so stellar that it's going to recover really powerfully. This does depend of course on China reopening." This comes after China imposed extensive COVID-19 lockdowns and curbs as the country battles its worst outbreak since March, 2020.

The travel and tourism sector’s GDP is expected to reach $8.35 trillion in 2022 and $9.6 trillion in 2023, restoring its performance to pre-pandemic levels, reported Reuters.

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