The World Travel and Tourism Council in its latest study reveals that economic growth in countries and regions is expected to increase only by less than one third during the coronavirus pandemic, as tourism and travel is recovering even slower than expected with millions of jobs lost.
According to a press release by the council, a distinct lack of international coordination, stringent travel restrictions and sluggish vaccination rates in several destinations have hit the tourism sector hard and kept it lagging behind other sectors.
This research has been conducted by Oxford Economics on behalf of WTTC and was based on the current vaccination rates globally, consumer confidence and less stringent entry and travel restrictions in the world.
Moreover, it shows that based on tourism and travel recovery, the global stage could see an average rise of 31.7 per cent in 2020. Last year, about 62 million people lost jobs related to the sector, and that figure is set to rise only 0.7 per cent this year. However, the research’s data foresee an 18 per cent year-on-year growth in the sector’s jobs.
WTTC President Julia Simpson said that the research shows that the tourism and travel sector have started to wake up. However, travel restrictions and unequal administration of vaccines have impacted the expected recovery to be just under a third.
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