Economic Impact – आवारा मुसाफिर

EU Travel & Tourism sector recovering strongly

June 28, 2023664 Views

The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals the EU Travel & Tourism sector is forecast to reach 98% of the 2019 peak. The sector is set to contribute €1.44BN to the economy this year, edging close to the 2019 pre-pandemic high of €1.47BN. WTTC is also forecasting that the sector will create more than 687K jobs this year, recovering almost 90% of the jobs lost due to the COVID 19 pandemic to reach more than 22.4MN, with one in nine workers across the EU, in the Travel & Tourism sector. A look back on last year Last year, the Travel & Tourism sector’s GDP contribution grew by 40.5% to reach more than €1.37BN, representing 8.7% of the Bloc’s economy, edging closer to the 2019 high of 9.6% of the economy. ...

खबरनामाट्रैवल उद्योग

U.S. retains its position as the world’s biggest Travel & Tourism market

AWARA MUSAFIR BUREAU

September 7, 2022568 Views

Overcomes lengthy travel restrictions by boosting domestic travel # UK sees biggest drop in the global rankings # China and Germany hold onto second and third position The latest World Travel & Tourism Council’s (WTTC) Economic Trends Report reveals the U.S. remains the world’s biggest and most powerful Travel & Tourism market. Its top ranking was reaffirmed, despite suffering long and damaging travel restrictions which did little to halt the spread of COVID-19 and only resulted in serious economic losses. However, while its number one position was retained, the U.S. Travel & Tourism sector’s contribution to the nation’s economy fell by US$700 billion in 2019, to just under US$1.3 trillion last year. Research by Oxford Economics for WTTC shows there has...

खबरनामाट्रैवल उद्योग

Asia-Pacific region suffered most due to COVID-19 pandemic

AWARA MUSAFIR BUREAU

July 5, 2021307 Views

WTTC Economic Trends Report reveals dramatic impact on Travel & Tourism around the world Asia Pacific was the region hit hardest by the COVID-19 pandemic according to the new annual Economic Trends Report from the World Travel & Tourism Council (WTTC). The report reveals the full dramatic impact of travel restrictions designed to curb COVID-19 on the global economy, individual regions, and its job losses worldwide. Asia-Pacific was the worst performing region, with the sector’s contribution to GDP dropping a damaging 53.7%, compared to the global fall of 49.1%. International visitor spending was particularly hard hit across Asia Pacific, falling by 74.4%, as many countries across the region closed their borders to inbound tourists. Domestic spending witnessed a low...

खबरनामाट्रैवल उद्योग

2M US jobs could be created this year

AWARA MUSAFIR BUREAU

June 3, 20211006 Views

Should international travel resume this summer, projects WTTC The latest research compiled by the World Travel & Tourism Council (WTTC), reveals that more than two million jobs could be created if international travel reopens before the busy summer period. However, if current restrictions continue and international travel is not allowed to resume at a greater capacity over the next few months, WTTC warns that the potential U.S. job recovery will be cut in half, to only one million generated. WTTC’s latest economic modeling found that $105 billion in the U.S.’s Travel & Tourism sector contribution to the national economy is at stake should travel not resume. WTTC fears that if immediate steps are not taken for the U.S. to re-establish international travel now, the i...

अमेरिकाखबरनामाट्रैवल उद्योग

U.S. maintains position as biggest travel & tourism market

AWARA MUSAFIR BUREAU

May 14, 20211369 Views

* Some countries performed better than others due to clear rules and certainty for domestic and international travel* UK records the biggest fall by three places among the world’s top 10 largest tourism markets in 2020 with a staggering GDP fall of 62.3%* Average global loss for countries is 49.1%, compared to 2019 levels, due to the impact of COVID-19 travel restrictions Latest data from the World Travel & Tourism Council (WTTC) shows the U.S. maintained its position as the largest global Travel & Tourism market, despite suffering a huge 41% fall in GDP last year. China also kept its position as second biggest Travel & Tourism market, but experienced a harder GDP fall of 59.9% with Japan slightly improving its ranking - from fourth to third - shouldering a GDP fall near...