Global travel and tourism sector is forecast to hit $9.5 trillion in 2023, just 5% below 2019 pre-pandemic levels when travel was at its highest, says a study.

The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) shows the sector is closing in on its 2019 peak, recovering by more than 95 per cent.

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

The latest EIR also reveals that 34 of the 185 countries analysed in the EIR have now recovered to pre-pandemic levels in terms of GDP contribution.

WTTC forecasts that by the end of 2023, nearly half of the 185 countries will have either fully recovered to pre-pandemic levels or be within 95% of full recovery.

Last year, despite the economic and geopolitical difficulties, the travel and tourism sector’s recovery continued at pace, growing 22% year-on-year to reach $7.7 trillion.

This recovery represented 7.6% of the global economy in 2022, the highest sector contribution since 2019, although its global GDP is still 22.9% behind its 2019 peak.

In 2021 the global sector grew 24.7% year-on-year.

The research shows that the ongoing conflict in Ukraine and prolonged travel restrictions imposed by a number of countries such as China had a significant impact on the global recovery.

But the recent decision by the Chinese government to reopen its borders in January will propel the sector and see it recover to pre-pandemic levels next year.

Julia Simpson, WTTC President & CEO, said: “The Travel & Tourism sector continues to recover at pace, demonstrating the resilience of the sector and the enduring desire to travel.

“The recovery will speed up this year as Chinese travellers re-enter the market.  

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