Tourism in Europe will create some 8 million jobs in the next decade
The recovery of the travel and tourism sector could approach pre-pandemic levels next year
The latest Economic Impact Report (EIR) from the World Travel & Tourism Council reveals that Europe's Travel & Tourism sector is expected to create almost eight million new jobs in the next decade.
The forecast from the World Travel & Tourism Council ( WTTC ), which represents the global Travel & Tourism private sector, also shows that the sector will be a driving force behind Europe's economic recovery, 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 at twice the rate of the economy as a whole, which is projected to grow by just 1.5 % annual.
The latest report from the world tourism body also reveals that Europe's Travel & Tourism GDP is forecast to grow by 31.4% to €1.73 trillion (US$1.9 trillion).
Julia Simpson, President and CEO of WTTC, said: “Europe's travel and tourism sector is on a strong recovery. It looks like it will create as many as eight million new jobs in the next 10 years.
“In terms of contribution to Europe's economy and jobs, the sector will almost reach pre-pandemic levels by the end of next year as the sector's recovery continues its momentum.
“The recovery in 2021 was slower than expected due to the impact of the Omicron and the uncoordinated response of European governments around border closures that failed to stop the spread of the virus, but caused real and lasting damage to economies and means of subsistence”.
WTTC EIR data for 2021 shows that across Europe there was a 4.7% increase in the number of jobs in the travel and tourism sector, representing just over 9% of all jobs, in stark contrast to the fall of 12.5% from the previous year.
The fastest growing region last year, it also saw the sector recover its contribution to GDP with an increase of 28% to represent 6.2% of the European economy at 1.3 trillion euros (1.45 trillion euros). US dollars) compared to a 5.2% contribution (just over 1 euro). billion or US$1.13 billion in 2020).
Europe's recovery was fueled in part by significant growth in key destination markets such as Greece, which saw 75% year-on-year growth, Turkey (61%) and Italy (59%).
The world tourism body also congratulates the EU Commission, which played a major role in the recovery of the sector with the launch of its COVID Digital Certificate last year.
According to the latest data, member states have issued more than 1.7 billion certificates. This successful launch has provided a much-needed boost to economies and saved millions of jobs.
However, in several other European countries, there was a much slower-than-expected recovery due to numerous failed attempts by governments to restrict transmission of the Omicron variant, causing the regional economic recovery to falter.