The sector of travel and tourism in Europe should create almost eight million new jobs within the next decade. This was revealed by the latest Economic Impact Report (Eir) of World Travel & Tourism Council (Wttc).
Wttc forecasts also show 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 a average annual growth rate of 3.3%the travel and tourism sector it should grow at double the rate of the overall economywhich is expected to expand by just 1.5% annually.
The latest report from the global tourism board also reveals that European travel and tourism GDP is expected to grow by 31.4% to 1.73 trillion euros (1.9 trillion US dollars).
To confirm the recovery is Julia Simpson, president and CEO of Wttc: “The travel and tourism sector in Europe is booming. It looks set to create up to eight million new jobs over the next 10 years. In terms of contribution to the economy and employment in Europe, the sector will almost reach pre-pandemic levels by the end of next year, as the recovery of the sector continues its momentum ”. The manager also points out that “the recovery in 2021 was slower than expected due to the impact of the Omicron variant and the uncoordinated response of European governments to the closure of borders which failed to stop the spread of the virus, but caused real and lasting damage to economies and livelihoods ”.
Wttc EIR data for 2021 show across Europe a 4.7% increase in the number of jobs in the travel and tourism sectors, which account for just over 9% of all jobs, in stark contrast to the previous year’s 12.5% decline.
The rebound in Europe was partly due to the significant growth in key target markets such as Greece, which recorded year-on-year growth of 75%, Turkey (61%) and Italy (59%).
The digital certificate
For its part, the WCTC congratulates the European Commission, which last year played an important role in the recovery of the sector, with the launch of the Covid digital certificate. According to the latest data, over 1.7 billion certificates have been issued by member states. This has given a much needed boost to economies and saved millions of jobs. However, in many other European countries, a much slower-than-expected recovery has occurred due to numerous failed attempts by governments to crack down on the transmission of the Omicron variant, causing the regional economic recovery to falter, the agency says.