- Global Travel & Tourism sector suffered more than any other due to severe mobility restrictions.
- Travel & Tourism’s contribution to global GDP fell from nearly $9.2 trillion in 2019to just $4.7 trillion in 2020.
- Capital investment plummeted from $986 billion in 2019 to just $693 billion in 2020.
The World Travel & Tourism Council (WTTC) launched today an important new report that provides investment recommendations for governments and destinations, as they aim to rebuild and grow their Travel & Tourism sector.
With the pandemic bringing international travel to an almost complete halt, the global Travel & Tourism sector suffered more than any other due to severe mobility restrictions.
The sector’s contribution to global GDP fell from nearly US$ 9.2 trillion in 2019, to just US$ 4.7 trillion in 2020, representing a loss of almost US$ 4.5 trillion. Furthermore, as the pandemic ripped through the heart of the sector, a shocking 62 million Travel & Tourism jobs were lost while many still remain at risk.
The report reveals that capital investment dropped by almost one third (29.7%) last year, plummeting from US$ 986 billion in 2019, to just US$ 693 billion in 2020 and now, as we head towards recovery, investment in Travel & Tourism has never been so critical.
This WTTC paper demonstrates how crucial it is for both destinations and governments to attract investment through an effective enabling environment, including incentives such as smart taxation, travel facilitation policies, diversification, integration of health and hygiene, effective communication, and a skilled and trained workforce.
The report also offers key recommendations for governments and destinations and highlights those segments which could be most attractive to investors.