The World Travel & Tourism Council’s latest Economic Impact Report (EIR) reveals Europe’s Travel & Tourism sector is expected to create nearly eight million new jobs within the next decade.
The forecast from the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, also shows the sector will be a driving force behind Europe’s economic recovery, following more than two years of suffering.
Over the next 10 years and with an average annual growth rate of 3.3%, the Travel & Tourism sector is expected to grow at twice the rate of the overall economy, which is forecasted to expand by just 1.5% annually.
The global tourism body’s latest report also reveals Europe’s Travel & Tourism’s GDP is forecast to grow by 31.4% to €1.73 trillion (US$ 1.9 trillion).
Julia Simpson, WTTC President & CEO, said: “Europe’s travel and tourism sector is in a strong recovery. It looks set to create up to eight million new jobs over 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.”
A 4.7% increase in the number of sector jobs last year accounted for just over 9% of all jobs, in marked contrast to a 12.5% fall the previous year.
Europe’s bounce back last year was in part driven by growth in key destinations such as Greece, which saw a year-on-year improvement of 75%, Turkey (61%), and Italy (59%).
