The global travel and tourism industry is expected to return to
pre-pandemic levels in 2023 and increase at a rate that will outperform global
GDP growth, according to the World Travel and Tourism Council (WTTC).

WTTC said in a report presented during the industry group’s
conference in Manila that the industry is predicted to grow at a 5.8% annual
average rate from 2022 to 2032, compared to a 2.7% increase in global GDP, and
create 126 million new jobs.

Also read: Explained: Difference between RBI’s accommodative, neutral & hawkish stance

Tourism contributed a tenth of global GDP and jobs in 2019, but
the coronavirus pandemic wrecked the $9.6 trillion industry, reducing its
output value and displacing 62 million people.

“The recovery is going to be  stellar. This does depend,
of course, on China reopening,” said WTTC President Julia Simpson, calling
on all governments to reopen borders.

China’s “zero COVID” policy and ongoing restrictions
have hampered trade and travel, both domestically and internationally.

The output of the travel and tourism industry is expected to reach
$8.35 trillion this year and $9.6 trillion in 2023, returning to pre-pandemic
levels.

Also read: CDC declares nationwide health alert after unexplained hepatitis in kids

WTTC predicts that tourism jobs will rebound to 300 million this
year and 324 million in 2023, close to the 333 million recorded in 2019.

According to the report, the hospitality industry’s output in
Asia-Pacific will likely reach $3.4 trillion in 2023, up from $3.3 trillion in
2019.

Also read: IPL: Delhi Capitals’ David Warner grateful to be playing and not being locked in hotel rooms

Travel in Asia-Pacific has lagged behind North America and Europe
due to tight border controls in many nations. Travelers in Southeast Asia are
boarding flights again now that the region’s entry and quarantine requirements
have been relaxed. However, industry insiders predict that a full recovery will
take time.