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WTTC: Global tourism investment set to reach nearly $1 trillion
The World Travel & Tourism Council’s latest Global Trends Report reveals an encouraging resurgence in tourism investment.
It signals a strong return to growth.
From 2010 to 2019, investment grew steadily at 4.3% CAGR, growing from $754.6 billion in 2010 to $1.1 trillion in 2019.
Then Covid-19 hit hard, leading to a 24% decline in 2020 and a further 8% dip in 2021.
However, 2022 has marked a turning point.
Travel and tourism investment has since surged to $856 billion, up 11.1% from the previous year.
In regions like Asia Pacific and Africa, 2022 investment was 161% higher than in 2000, while Europe and the Middle East have shown more restrained growth.
In these regions, the pandemic undid much of the significant growth achieved in the last two decades.
The US leads in terms of absolute investment in the sector in 2022 with $213 billion, showing a sector ready to thrive again.
China had $146 billion investment in 2022, with Saudi Arabia next with total investment of $42 billion.
Caribbean island destinations lead the way for tourism investment as a total percentage share of their economies.
The US Virgin Islands channeled 35% of total economic investment into tourism projects, followed by Antigua & Barbuda at 34% and Aruba at nearly 32%.
Julia Simpson, WTTC President, said: “Investment is not just a numbers game; it is the heartbeat of global connectivity and economic revival.”
“Despite the setbacks from the pandemic, 2022’s growth is a promising sign of what’s to come.”
WTTC forecasts 11.5% growth in investment in 2023 to $955 billion, with a return to pre-pandemic levels by 2025.
However, it says the global hike in interest rates creates challenges for future investment.
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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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