The World Travel and Tourism Council predicted on Thursday the timeframe for the sector to return to pre-pandemic levels following the COVID-19 outbreak. The council stated that the tourism and travel sector is expected to return to pre-COVID-19 pandemic levels in 2023 and grow at a rate surpassing the global GDP growth rate.
A report released by the council during a conference in Manila indicated that the sector is anticipated to achieve an average annual growth rate of 5.8% from 2022 to 2032, compared to an expected average GDP growth rate of 2.7% during the same period, and is projected to provide 126 million new job opportunities, as reported by "Reuters."
In 2019, the tourism sector accounted for one-tenth of GDP and employment; however, the COVID-19 pandemic severely impacted the sector, which is valued at approximately $9.6 trillion, cutting its revenue in half and leading to the layoff of 62 million individuals.
Julia Simpson, the chair of the council, stated, "The recovery will be very strong, and this depends, of course, on China ending its lockdown," urging governments to reopen borders. China's policy to contain COVID-19 and its continued lockdown measures have disrupted global trade and the tourism sector.
