The World Travel and Tourism Council (WTTC) ’s recent Economic Impact Report (EIR) reveals that the Travel and Tourism sector in Europe is expected to create nearly eight million new jobs in the next decade.
The WTTC, representing the global Travel & Tourism private sector, predicts that the sector will be a driving force behind Europe’s economic recovery after more than two years of suffering as a result of the Coronavirus pandemic, SchengenVisaInfo.com reports.
“Over the next ten years and with an average annual growth rate of 3.3 per cent, the Travel & Tourism sector is expected to grow at twice the rate of the overall economy, which is forecasted to expand by just 1.5 per cent annually,” reads a statement issued by WTTC regarding the report.
In addition, the latest report from the global tourism body also reveals that Europe’s Travel and Tourism GDP will grow by 31.4 per cent to €1.73 trillion or US$1.9 trillion.
In this regard, President and CEO of WTTC, Julia Simpson, said that the Travel and Tourism sector in Europe is recovering strongly.
“In terms of contribution to Europe’s economy and jobs, the sector will almost reach pre-pandemic levels by the end of next year as the sector’s recovery continues its momentum,” she also noted.
According to her, due to the spread of the Omicron variant and the closure of borders by European governments, in 2021, the recovery was slower than expected.
The WTTC also stressed that Europe was the region with the fastest growth last year. It also saw the sector return its contribution to GDP with a 28 per cent increase to account for 6.2 per cent of the European economy at €1.3 trillion or otherwise US$1.45 trillion from 5.2 per cent contribution in 2020, just over €1 trillion or US$1.13 trillion.
The main markets where there was a significant increase are Greece, which increased by 7 per cent, thus promoting the return of Europe, followed by Turkey with 61 per cent and Italy with 59 per cent.
Moreover, the Global Tourism Organisation has also praised the EU Commission for its key role in the sector’s recovery with the issuance of its Digital Certificate for COVID last year.
According to the latest data, more than 1.7 billion certificates have been issued by member states, a very successful distribution and, at the same time, has provided a much-needed boost to economies and saved millions of jobs.
Otherwise, there has been a slower recovery in some other European countries due to many desperate attempts by governments to stop the spread of the Omicron variant.
