Travel and tourism could contribute $8.6 trillion to the global economy in 2022, just 6.4% below pre-pandemic levels, if recovery continues, according to research by the World Travel and Tourism Council (WTTC).
Research by the global tourism body shows that if vaccination rollout continues at pace this year, and international travel restrictions are eased, the sector could make a strong comeback.
“Our latest research clearly shows that there is light at the end of the tunnel, and 2022 is certainly looking more positive in terms of both jobs and the economy,” said WTTC President and CEO, Julia Simpson.
“However, there is much more work to be done if we are to bring back all the jobs lost and achieve a full economic recovery. With so much is at stake, it’s vital we continue driving the recovery of our sector.”
In 2019, the travel and tourism sector generated nearly $9.2 trillion globally, but the pandemic caused GDP to crash by 49.1% in 2020, a drop of nearly $4.5 trillion.
In order to drive the recovery, WTTC says governments must allow fully vaccinated travellers to move freely without the need for additional testing, and for the unvaccinated to travel with a negative test. The tourism body pointed to digital solutions to enable travellers to prove their vaccination status easily and safely.
“Governments must shift their risk assessment from entire countries to the individual traveller and allow the fully vaccinated to travel freely,” Simpson said.
Under this approach, WTTC found that the sector’s contribution to global employment could reach more than 330 million, just 1% below pre-pandemic levels. This represents a 21.5% lift on 2020 levels, equating to 58 million more jobs.