TBM Staff - Mumbai While 2021 saw the beginning of the recovery for the global Travel & Tourism sector, it was slower than expected, due in part to the impact of the Omicron variant, stringent and inconsistent border restrictions and the lack of coordination among governments to tackle the pandemic. Travel & Tourism’s contribution to GDP increased by USD 1 trillion (+21.7% rise) in 2021 to reach USD 5.8 trillion, while the sector’s share of the whole economy increased from 5.3% in 2020 to 6.1% in 2021. Additionally, the sector saw the recovery of 18.2 million jobs, representing an increase of 6.7%. However, the future outlook is positive, and the sector is once again showing its resilience and ability to bounce back, says WTTC in its Economic Impact 2022 report. Travel & Tourism GDP is set to grow on average by 5.8% annually between 2022 and 2032, outpacing the growth of the overall economy (2.7% per year). The WTTC research shows that Travel & Tourism GDP could return to 2019 levels by the end of 2023. TravelBiz Monitor presents highlights.
