North American Travel & Tourism GDP To Reach $3.1 Trillion by 2032

 North American Travel & Tourism GDP To Reach $3.1 Trillion by 2032


According to the World Travel and Tourism Council’s (WTTC) latest Economic Impact Report (EIR), released today, the Travel and Tourism sector in North America is expected to grow at an average annual rate of 3.9 percent in next ten years. Those estimates put it ahead of the two percent average growth rate for the regional economy and put the industry on track to reach an impressive $ 3.1 trillion by 2032.

The WTTC’s newly published EIR, put together in partnership with Oxford Economics, also predicts that Travel and Tourism in North America will create a staggering 9.5 million new jobs over the next decade, with employment growth at an average rate of 3.7 percent per year.

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The global tourism leadership group expects the industry’s recovery to continue to accelerate for the remainder of 2022 and that its contribution to GDP will increase by 38.2 per cent to reach $ 2.1 trillion, with the sector’s employment increase of 19 per cent.

The latest WTTC report also shows that the Travel & Tourism economic recovery is on track to hit pre-pandemic levels early next year. Employment in the sector is expected to flow slightly, returning to pre-pandemic levels by 2024.

“The pandemic cost the Travel and Tourism sector in North America a staggering 8.85 million jobs and nearly $ 1.1 trillion in GDP by 2020,” said Julia Simpson, WTTC President & CEO. He continued, “The U.S. travel and tourism business is showing a rapid recovery. While we respect the CDC’s difficult decisions during the pandemic, science has shown that antigen testing for the return of U.S. citizens and visitors too much.Other economies have lifted all restrictions, current antigen testing is slowing the U.S. recovery.


Infographic, World Travel and Tourism Council, WTTC, Economic Impact Report 2022
Infographic illustrating data from the Economic Impact Report of WTTC 2022. (photo courtesy of World Travel and Tourism Council)

Both the U.S. Travel Association and the American Society of Travel Advisors (ASTA) have issued similar statements, urging the government to eliminate the inbound test requirement for re-entry into the U.S., which said the indefinite ban prevents the complete recovery of the sector.

Last year, the GDP contribution of the Travel and Tourism sector fell to a 2019 level of 33.7 percent below, reaching $ 1.5 trillion. The final numbers are believed to be small due to the Omicron variant and the fact that many foreign countries have re-tightened their border bans due to its emergence.

In 2021, the U.S. will lead with the highest number of inbound arrivals, while Mexico will have the highest number of outbound departures. And, at the same time, they started the North American Travel and Tourism sector.


Infographic, World Travel and Tourism Council, WTTC, Economic Impact Report 2022
Infographic illustrating data from the Economic Impact Report of WTTC 2022. (photo courtesy of World Travel and Tourism Council)

Prior to the COVID-19 pandemic, North America’s Travel and Tourism sector generated 8.9 percent ($ 2.3 trillion) of the total world economy in 2019, a figure that fell to five percent ($ 1.25 trillion). in 2020 as the industry stops at the height of the global crisis. Employment in the sector has endured the same devastating explosion, as employment contributions declined by 35 percent between 2019 and 2020.

Despite the severity of the past two years of setbacks, the WTTC’s 2022 EIR predicts that water will finally return for Travel & Tourism, with strong construction and growth as the industry emerges from difficulties. led to this during the peak of the pandemic.

For more information, visit wttc.org.





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