Tourism Industry Growth Rate To Surpass Global GDP Growth: Reuters

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• According to World Travel and Tourism Council (WTTC), the global travel and tourism sectors are projected to return to pre-pandemic levels in 2023, and the growth rate will outpace global gross domestic product (GDP) growth.
• The industry is expected to grow at around 5.8% annually from 2022 to 2032 versus the 2.7% increase in global GDP and create 126 million new jobs, WTTC said in a report released during the industry group's conference in Manila.
• In 2019, tourism accounted for a tenth of global GDP and jobs, but the coronavirus pandemic decimated the $9.6 trillion industry, halving its output value and leaving 62 million people jobless.
• "The recovery is going to be so stellar that it's going to recover really powerfully. This does depend of course on China reopening," said WTTC President Julia Simpson, calling on all governments to reopen borders.
• China's "zero COVID" policy and persistent lockdowns have disrupted global trade and domestic and international travel.
• The travel and tourism industry's GDP will hit $8.35 trillion in 2022 and $9.6 trillion in 2023.
• Tourism jobs will recover to 300 million in 2022 and 324 million in 2023.
• Compared with North America and Europe, travel has trailed in Asia-Pacific because of strict border restrictions in many countries.
• Photo by JoshuaWoroniecki via Pixabay