Nearly eight million new travel and tourism jobs will be created in Europe over the next decade
LONDON, UK – The latest Economic Impact Report (EIR) from the World Travel & Tourism Council reveals that the European travel and tourism sector is expected to create nearly eight million new jobs over the next decade.
The forecasts of the World Travel & Tourism Council (WTTC), which represents the global private travel and tourism sector, also shows that the sector will be a driver of economic recovery in Europe, after more than two years of suffering.
Over the next 10 years and with an average annual growth rate of 3.3%, the travel and tourism sector is expected to grow twice as fast as the overall economy, which is expected to grow by only 1.5% per year. .
The latest report from the global tourism body also reveals that Europe’s travel and tourism GDP is expected to grow by 31.4% to €1.73 trillion (US$1.9 trillion).
Julia Simpson, WTTC President and CEO, said: “The European travel and tourism sector is experiencing a strong recovery. It is expected to create up to eight million new jobs over the next 10 years.”
“In terms of contribution to the economy and employment in Europe, the sector will almost reach pre-pandemic levels by the end of next year as the sector’s recovery continues to gain momentum.”
“Recovery in 2021 has been slower than expected due to the impact of Omicron and the uncoordinated response of European governments around border closures which have failed to stop the spread of the virus, but have caused real and lasting damage to economies and livelihoods.”
WTTC EIR data for 2021 shows that across Europe there has been a 4.7% increase in the number of jobs in the travel and tourism sector, accounting for just over 9% of all jobs, which contrasts sharply with the 12.5% decline of the previous year.
The fastest growing region last year, it also saw the sector recover its contribution to GDP with a rise of 28% to represent 6.2% of the European economy at 1,300 billion euros (1,450 billion US dollars), compared to a 5.2% contribution (just over €1 trillion or 1.13 trillion US dollars in 2020).
Europe’s rebound was partly driven by significant growth in key destination markets such as Greece, which recorded 75% year-on-year growth, Turkey (61%) and Italy (59 %).
The global tourism body also commends the European Commission, which played a major role in the recovery of the sector with the launch of its digital COVID certificate last year.
According to the latest data, more than 1.7 billion certificates have been issued by Member States. This successful deployment provided a much-needed boost to economies and saved millions of jobs.
However, in several other European countries, recovery has been much slower than expected due to numerous failed attempts by governments to suppress the transmission of the Omicron variant, which has stymied regional economic recovery.
The World Travel and Tourism Council (WTTC) represents the global private travel and tourism industry. Members include 200 CEOs, Presidents and Presidents of leading global travel and tourism companies from all geographies spanning all industries. For more than 30 years, the WTTC has been committed to raising awareness among governments and the public of the economic and social importance of the travel and tourism sector.
According to the WTTC 2021 Economic Impact Reportin 2020, a year in which it was devastated by the COVID-19 pandemic, travel and tourism contributed 5.5% to global GDP and was responsible for 272 million jobs .
WTTC Press Office