Travel and Tourism Improvements in the Popular Destinations:
The World Travel and Tourism Council, its abbreviation as “WTTC” is known as the forum of the travel and tourism industry, having its members from the global business community as well as working with the governments for the awareness of the travel and tourism industry and known for representing the private sector in each part of the industry through the whole world. The activities of WTTC to research on the economic and social impact of the industry as well as the organization of global and regional summits focusing on the relevant issues as well as developments of the Travel and Tourism industry.
The World Travel and Tourism Council shared fresh news of different countries of the world in the latest Economic Impact Report by signaling the travel and tourism industries in some countries such as South Korea, Japan, South Africa as well as some others countries, which are expected to boost and recover at the fresh rates.
The Economic Impact Report featured the different countries of the world, such as, South Korea, Japan, Indonesia, Saudi Arabia, South Africa, and Nigeria. These six countries are expecting the high growth in the relevant travel and tourism industries through creating millions of different new jobs as well as outrun the other fields of their individual economies. However, the specific report of each country explained that the economic recovery would not have been faster had the variant of Omicron caused a return to the same travel restrictions worldwide.
1- Japan:
The Tourism industry is also looking forward to growth each year on the average of 2.6 percent for the next decade, outstanding the 0.7 percent growth rate for the economy of Japan. It is also further expected to contribute to 7.8 percent of all the economy of Japan. travel and tourism are expected to create the whole Japanese GDP 6.5 percent by the end of this year as well as the employment in each sector is expected to grow 68,000 new different jobs annually, for a total of 683,000 new jobs, employing a total of 6.2 million by the end of 2032.
After the suffering by the Travel and Tourism of Japan, the perspective is brighter for the future and the mobility restrictions damaged the industry for two years, as the optimism reasons as the industry is finally watching the light at the end of the tunnel, this said by the President and CEO of the WTTC. However, the still work has to be done by Removing testing as well as facilitating the international travel will boost up the growth of the industry as well as accelerate the recovery.
2- South Korea:
Travel and tourism GDP of the South Korea is proposed to develop 4.8% of each year by the 2032, surpassing the country’s overall 1.8% growth in GDP as well as the industry will comprise 4.8% the country’s whole economy in 2032.
The employment in South Korea in the travel and tourism industry is predicted to develop highly with 49,000 new jobs as to be created each year through 2032.However, South Korea will reach pre-pandemic levels of earnings from the travel industry by 2023 expecting a GDP of 83.4 trillion won, just 4.7% lower than in 2019.
GDP of Travel and tourism in this year is expected to grow over 30%, contributing 3.5% to overall economy of the South Korea as well as Employment is expected to stay at around 1.3 million.
Simpson said that we acclaimed the government for easing the travel restrictions as well as a move which will no doubt have a positive effect and recover millions of jobs, However, pre-arrivals testing is no more required in many countries around the world. So, we appetite the government to follow the lead by allowing the travelers to movement freely once again.
3- South Africa
The annually GDP industry is predicted to develop 7.8% through the next decade, much higher than the overall growth of the economy rate of 1.8%, contributing to 7.4% of the whole economy. It is also expected to create around 800,000 new jobs throughout the next decade, employing around 1.9 million by 2032 and the future of South African travel and tourism economy looks exceedingly bright, according to the report. The employment is expected to reach 1.1 million and growth in the industry of GDP is expected to reach 3.8%.
Prior to the pandemic, South African travel and tourism employed 1.5 million and contributed 6.4% to the country total GDP. The pandemic anguished the economy, leading to a 29.9% drop in employment as well as a loss of 55.6% in GDP.
Although, the future looks bright for the South African travel and tourism industry as well as the recovery will be slower than expected this year. However, Simpson said that with the GDP contribution as well as jobs on the rise, the long-term forecast looks very positive.
4- Indonesia:
Indonesia is a crucial destination, attracted millions of tourists before the pandemic as well as is highly reliant on the travel and tourism industry. So, we commend the Indonesian government for putting travel and tourism at the cutting edge of the global agenda at the upcoming G20. Simpson said that the travel and tourism sector of Indonesia is in a strong recovery as well as with a very bright forecast for both GDP and jobs.
The travel and tourism are also predicted to boost, with an annual GDP growth rate of 10% for the next ten years. its overall economy is expected to develop at 5.1% each year through 2032 by comparison. It will contribute 7.2% to the total economy of the Indonesia.
The country is expecting to develop its travel and tourism workforce in the next decade is Indonesia, prediction to create an amazing five million new jobs by 2032, employing 16 million all the country.
Travel and tourism Indonesia’s GDP is expected to develop 57.2% for a total of $45.5 billion, generating 3.6% of the total GDP of the Indonesia and the employment will be slower, with a growth of 2.1% by the end of the year. and the employment dropped over 15% during the pandemic, and the economics of the industry contribution dropped just over 50%.
5- Saudi Arabia:
Saudi Arabia is the country which will host the World Travel and Tourism Council, such as 22nd Global Summit this year later which is growing its travel and tourism sector more faster than other country in the Middle East. It is growing averagely 11% each year through the 2032, which is more than six times of the country’s 1.8% overall develop of its economy. Travel and tourism predicted to contribute 17.1% of total economy of the Saudi Arabia by 2032. and the Employment could also double over the next ten years by adding 1.4 million new jobs for a total of 3 million nearly.
The industry which is predicted to develop 2% more than pre-pandemic levels by 2023 and the Employment is predicted to develop 14.1% by the end of 2023 leading to total 1.8 million industry employment.
Simpson told that the All these timing difficulties for the industry, which the Saudi Arabia government has recognized the importance of Travel and Tourism as well as has led the world in its recovery and She also praised the minister of tourism, kingdom of the Saudi Arabia for efforts in getting the country to prioritize the industry. She said that she would like to commend Ahmed Al Khateeb, who has shown strong leadership during this crisis in which has boosted the sector’s growth with unprecedented investments and new approaches to tourism.
6- Nigeria:
The travel and tourism of Nigeria is also predicted to develop over the next decade which is predicted to add 2.6 million new jobs by 2032 by reaching over 5.1 million employed in the sector. The GDP of the industry will also develop 5.4% each year for the next decade by representing 4.9% of Nigeria’s total economy as well as the growing faster than the country’s annual 3%.
In a short term, travel and tourism of Nigeria’s industry is also predicted to develop. It will develop to just 3.5% under pre-pandemic levels in terms of GDP, though employment is expected to grow 4.3% by the end of 2022.
The pandemic was tragic for Nigeria’s travel & tourism industry, wiping billions from the economy as well as affecting millions of livelihoods. The two years of severe and highly disruptive travel restrictions which decimated the industry, the outlook for the future is much brighter, with our sector expected to create more than 2.5 million jobs over the next decade, this was stated by the Simpson.
Please check out this interactive guide for the latest insight on travel around the world.
Good report