Travel and tourism have become an integral part of the global economy. According to the World Travel & Tourism Council (WTTC), the travel and tourism industry contributes over 10% of the world’s GDP and supports more than 300 million jobs. In this article, we will explore just how much of the economy is travel and tourism.
The Size of the Travel and Tourism Industry
The travel and tourism industry encompasses a wide range of businesses, including transportation, accommodation, food and beverage services, recreation, entertainment, and travel-related retail. This industry generated $8.9 trillion in 2019, representing 10.3% of global GDP.
Direct vs. Indirect Contributions
The direct contribution of travel and tourism refers to the economic activity generated by industries that directly serve tourists, such as hotels, restaurants, airlines, and tour operators. In 2019, this direct contribution accounted for $3.7 trillion or 4.4% of global GDP.
The indirect contribution refers to the economic activity generated by industries that support the direct contribution industries such as construction companies building new hotels or airports or farmers supplying food to restaurants. This indirect contribution accounted for $5.2 trillion or 6% of global GDP in 2019.
Employment in Travel and Tourism
In addition to contributing significantly to GDP globally and regionally across countries/territories worldwide; The travel and tourism industry also supports millions of jobs worldwide directly or indirectly.
According to WTTC estimates from 2019 data; The industry supported a total employment figure worldwide around 330 million jobs; which accounts for roughly one in ten jobs on earth.
The Impact of COVID-19 on Travel and Tourism
The COVID-19 pandemic has had a devastating impact on the travel and tourism industry worldwide forcing many businesses into closure due to lockdowns, travel restrictions, and reduced consumer demand.
According to the WTTC, the global GDP contribution of travel and tourism could decline by up to 25% in 2020. The pandemic has also resulted in a significant reduction in employment in the industry, with millions of jobs lost globally.
Conclusion
In conclusion, travel and tourism play a vital role in the global economy. The industry contributes significantly to GDP and supports millions of jobs worldwide.
However, the COVID-19 pandemic has highlighted the vulnerability of this industry to external shocks. As countries around the world begin to reopen their borders and lift restrictions on travel, it is hoped that the travel and tourism industry will quickly recover its former strength.
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