Global Travel & Tourism has a catapult start into 2023
International travel is back on track as spending from overseas visitors soared to $1.1TN in 2022, growing by a record 82%. This remarkable recovery of the Travel & Tourism sector highlights its resilience and people's strong desire to travel. According to Julia Simpson, the President & CEO of WTTC, the sector's contribution will be within reach of the 2019 peak by the end of the year, and 2024 is expected to exceed 2019. Furthermore, the recovery will accelerate this year as Chinese travellers re-enter the market, and over the next decade, the sector will continue to expand.
WTTC's latest EIR predicts that the Travel & Tourism sector's GDP contribution will grow to $15.5TN by 2033, accounting for 11.6% of the global economy and employing 430 million people worldwide, nearly 12% of the working population. The report also reveals that 34 of the 185 countries analysed have now recovered to pre-pandemic levels in terms of GDP contribution. WTTC predicts that by the end of 2023, nearly half of the 185 countries will have fully recovered to pre-pandemic levels or be within 95% of full recovery.
