Global Tourism Sector Projected to Inject $10 Trillion into Economy
The global travel and tourism industry is projected to generate an impressive $10 trillion by the end of 2023, according to the World Travel & Tourism Council (WTTC). This comes as a remarkable recovery from the blow suffered by the industry during the COVID-19 pandemic. The President & CEO of the Council, Julia Simpson, shared this positive outlook at the 23rd Global Summit, adding that the industry may even surpass the $15 trillion mark within the next decade. Despite ongoing efforts in China to fully reopen travel and visa processes, the sector’s performance has exceeded expectations, with regions like Europe, Africa, and the Middle East experiencing higher-than-predicted growth rates. Furthermore, the industry’s commitment to environmental sustainability is evident as it grows with reduced greenhouse gas emissions compared to 2019 data. The travel and tourism sector is not only poised to exceed the $10 trillion benchmark, but it is also creating one in every five new jobs worldwide, according to WTTC Chair, Arnold Donald.
