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WTTC: Global tourism closing In on pre-pandemic peak
The World Travel & Tourism Council says the global tourism sector is edging ever closer to its pre-pandemic 2019 peak.
The WTTC 2023 Economic Impact Research shows the recovery will reach 95% this year.
In 2023, the sector is forecast to reach $9.5 trillion, just 5% below 2019 pre-pandemic levels.
It says 34 countries have already exceeded 2019 levels.
Last year, it grew 22% year-on-year to reach $7.7 trillion.
This represented 7.6% of the global economy in 2022, the highest sector contribution since 2019.
The research shows that the ongoing conflict in Ukraine and prolonged travel restrictions had a significant impact on the global recovery.
With China reopening in January, it sees full recovery to pre-pandemic levels by next year.
The global tourism sector created 21.6 million new jobs in 2022 to reach more than 295 million globally.
Spending from overseas visitors grew by a record 82%, showing that international travel is firmly back on track.
Julia Simpson, WTTC President & CEO, said: “The global tourism sector continues to recover at pace, demonstrating its resilience and the enduring desire to travel.”
“By the end of the year, the sector’s contribution will be within touching distance of the 2019 peak.”
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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