Global GDP impact predicted to exceed $11 trillion in 2024 Unprecedented job numbers expected in the sector, says WTTC The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion. According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770BN over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide. As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records. In partnership with Oxford Econ...
Read MoreTag: tourism revival
International tourism has continued to recover from the worst crisis in its history as arrival numbers reached 84% of pre-pandemic levels between January and July 2023, according to the latest data from UNWTO. The Middle East, Europe and Africa lead the global sector's rebound. Tourism on Track for Full Recovery Tourism demand continues to show remarkable resilience and sustained recovery, even in the face of economic and geopolitical challenges. The new issue of the UNWTO World Tourism Barometer tracks the sector's recovery over the course of 2023 up to the end of July. The UNWTO Barometer shows: By the end of July, international tourist arrivals reached 84% of pre-pandemic levels. 700 million tourists travelled internationally between January and July 2023, 43% more tha...
Read MoreUNWTO celebrates official opening of ITB Berlin Tourism is on track to achieve full recovery this year and ready to deliver on its potential as a pillar of peace and sustainability, UNWTO has told sector leaders at ITB in Berlin. As the leading tourism trade fair celebrates its first in-person event since 2019, UNWTO data shows that more than twice as many people travelled internationally in January as they did at the start of last year. According to UNWTO Secretary-General Zurab Pololikashvili, the message is clear: "Tourism always comes back", and the return of ITB, alongside the recent re-opening of China, is clear proof of renewed confidence in international travel. Building a better tourism Secretary-General Pololiksahvili was invited to be part of the official ...
Read MoreAsian travellers are expected to support the recovery of the Swiss tourism industry this year after American visitors pulled the sector out of its pandemic doldrums in 2022, the Swiss national tourism association has said. The number of foreign visitors to Switzerland's mountains, lakes and cities collapsed in 2020 and 2021 as countries imposed travel restriction to curb the spread of COVID-19. But overnight stays in Switzerland increased 29% in 2022 to just below 2019 levels as restrictions were lifted and a marketing campaign featuring Hollywood actor Anne Hathaway and tennis legend Roger Federer paid off. FILE PHOTO: Balloons take part in the 43rd International Hot Air Balloon Festival in Chateau-d'Oex, Switzerland January 24, 2023. REUTERS/Denis Balibouse American visitors...
Read MoreCities Economic Impact Report analysed 82 destinations around the world The World Travel & Tourism Council (WTTC) has revealed positive signs of recovery for the Australian Travel & Tourism sector with major cities welcoming travellers once again. The Cities Economic Impact Report, sponsored by Visa and researched in partnership with Oxford Economics, analysed key Travel & Tourism metrics across 82 cities around the world, including contribution to GDP, employment and traveller spend. The analysis in Sydney, Melbourne, and Perth, shows that Travel & Tourism’s direct contribution to each cities’ GDP and jobs continues to rise. But prolonged border closures in Australia and key markets such as China, means visitor spending numbers are still low. GDP contribu...
Read MoreAfter stronger than expected recovery in 2022, this year could see international tourism arrivals return to pre-pandemic levels in Europe and the Middle East. Tourists are nonetheless expected to increasingly seek value for money and travel closer to home in response to the challenging economic climate. Based on UNWTO's forward-looking scenarios for 2023, global international tourist arrivals could reach 80% to 95% of pre-pandemic levels this year, depending on the extent of the economic slowdown, the ongoing recovery of travel in Asia and the Pacific and the evolution of the Russian offensive in Ukraine, among other factors. All regions bouncing back According to new data UNWTO, more than 900 million tourists travelled internationally in 2022 – double the number recorded in ...
Read MoreDozens of world leaders and other dignitaries are traveling to Bali for the G-20 summit, drawing a welcome spotlight on the revival of the tropical island’s vital tourism sector. Tourism is the main source of income on this idyllic “island of the gods” that is home to more than 4 million people, who are mainly Hindu in the mostly Muslim archipelago nation. Tourists walk past a G20 banner in Nusa Dua, Bali, Indonesia on Friday, Nov. 11, 2022. (AP Photo/Firdia Lisnawati) So the pandemic hit Bali harder than most places in Indonesia. Before the pandemic, 6.2 million foreigners arrived in Bali each year. Its lively tourism scene faded after the first case of COVID-19 was found in Indonesia in March 2020, with restaurants and resorts shuttered and many workers returning to villages...
Read MoreCouncil members and G20 Ministers gather in Bali as part of the Tourism Ministerial meeting under the Indonesian Presidency Public-private collaboration is critical to achieving a full recovery of the sector; said WTTC President & CEO The Travel & Tourism private sector was invited to the G20 Tourism Ministers’ meeting on Monday, when the World Travel & Tourism Council (WTTC) addressed the Group of Twenty in Bali, Indonesia. During her speech at the critical meeting, Julia Simpson, WTTC President & CEO, said that while Travel & Tourism is recovering following more than two years of pain, enhanced collaboration between the public and private sector is needed now more than ever if we are to achieve a full recovery and ensure a sustainable future. Simpso...
Read MoreInternational tourism continued to show strong signs of recovery, with arrivals reaching 57% of pre-pandemic levels in the first seven months of 2022. According to the latest UNWTO World Tourism Barometer, international tourist arrivals almost tripled in January to July 2022 (+172%) compared to the same period of 2021. This means the sector recovered almost 60% of pre-pandemic levels. The steady recovery reflects strong pent-up demand for international travel as well as the easing or lifting of travel restrictions to date (86 countries had no COVID-19 related restrictions as of 19 September 2022). UNWTO Secretary-General Zurab Pololikashvili said: “Tourism continues to recover steadily, yet several challenges remain, from geopolitical to economic. The sector is bringing back h...
Read MoreThe travel and tourism sector is an important income generator for Sri Lanka. However, the ongoing economic crisis coupled with Ukraine–Russia war and China’s zero-COVID policy has put the sector in jeopardy. Against this backdrop, the country will face an uphill task in restoring a once thriving sector, says GlobalData, a leading data and analytics company. Tourism accounted for more than 12% of the country’s GDP in 2019 and the third-largest source of foreign exchange reserves - behind worker remittances and the apparel industry. According to GlobalData, international arrivals in Sri Lanka more than quadrupled from 448,000 to 1.9 million between 2009 and 2019, reaching a peak of 2.3 million inbound visitors in 2018. Concurrently, inbound tourism spending increased rapidly from $39...
Read More
You must be logged in to post a comment.