Travel and Tourism Sector Rebounds Strongly, Approaching Pre-Pandemic Peak by Over 95%: WTTC

The World Travel & Tourism Council (WTTC) released its 2023 Economic Impact Research (EIR) on April 26 – showing the Travel and Tourism sector is showing strong recovery, approaching its 2019 peak by over 95%.

In 2023, the sector is forecast to reach $9.5TN, just 5% below 2019 pre-pandemic levels when travel was at its highest. 34 countries have already exceeded 2019 levels. According to the research conducted by WTTC in collaboration with Oxford Economics, the global tourism body also forecasts that the sector will recover to 95% of the 2019 job level.

“The Travel & Tourism sector continues to recover at pace, demonstrating the resilience of the sector 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. We expect 2024 to exceed 2019. Travel & Tourism will be a growth sector over the next ten years.
“The recovery will speed up this year as Chinese travellers re-enter the market.
“Travel & Tourism provides 300 million jobs worldwide.”

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–Julia Simpson, WTTC President & CEO.

The global tourism body is forecasting that the sector will grow its GDP contribution to $15.5TN by 2033 representing 11.6% of the global economy and will employ 430MN people around the world, with almost 12% of the working population employed in the sector.