Travel And Tourism Key To Economic Recovery Across Globe, WTTC Says

Road to Recovery
junce/iStock/Getty Images Plus/Getty Images

The World Travel & Tourism Council (WTTC), revealed a new report detailing the critical role that the industry will have in the America's economic recovery, once the COVID-19 (coronavirus) pandemic has been combatted. 

In its latest annual Economic Impact Report (EIR), WTTC shared that in 2019, travel and tourism accounted for 8.8 percent of the total economy in the Americas and approximately 45 million jobs (that’s 9.8 percent of their total workforce). The report also reveals international visitor spend totaled $324 billion, representing 7.3 percent of all exports.

According to the report, Americas had a higher percentage of leisure travel compared to business travel (74 percent to 26 percent). In terms of spending, the region relies heavily on domestic travel (the report notes that 81 percent of total spend is attributed to domestic spending versus 19 percent international spending.

Free Luxury Travel Newsletter

Like this story? Subscribe to The Dossier

Luxury Travel Advisor’s only newsletter, covering unique destinations and product news for affluent travelers. Delivered every Tuesday & Thursday.

For two consecutive years, the WTTC adds, travel and tourism GDP growth in the U.S. outpaced the overall economy, growing at 2.2 percent in 2019, while the economy showed a 1.9 percent growth. On a global level, the travel and tourism sector outperformed the 2.5 percent rate of global GDP growth for the ninth consecutive year in a row, with a growth rate last year of 3.5 percent.

“Over the coming months, it will be crucial to call upon governments all over the world to ensure the survival of travel and tourism, which currently has up to 75 million jobs at immediate risk globally, with up to 5.9 million at risk in the U.S.A. alone,” Gloria Guevara, WTTC president and CEO, said in an official release.

Further, the EIR shows the sector supporting one in 10 (330 million) jobs, making a 10.3 percent contribution to global GDP and generating one in four of all new jobs.

A breakdown by WTTC shows Asia Pacific to be the top performing region worldwide with an impressive growth rate of 5.5 percent, followed very closely by the Middle East at 5.3 percent. The U.S. and E.U. both demonstrated a steady growth rate of 2.3 percent.

This article originally appeared on www.travelagentcentral.com.

Related Articles

International Travel, Cruising Could Be Segments to Return Last

Treatment of Workers Could Affect Company’s Survival Post-COVID

Upgraded Points: Younger Americans More Willing to Travel Sooner

MMGY CEO: Travel Recovery to Happen Sooner Than Expected

Suggested Articles:

The South Coast Winery Resort & Spa plans to reopen on June 1, while Carter Estate Winery and Resort plans to reopen on July 1. Read more here.

In addition to expanding its conservation and community efforts in the region, The Bushcamp Company is continuing renovations of four properties.

As Accor properties get set to reopen, the company launched “Reignite the Love of Travel,” designed to reassure and to create desire among travelers.