The recent Economic Impact Report (EIR) from the World Travel & Tourism Council (WTTC) reveals that the travel and tourism sector in Europe is expected to create nearly eight million new jobs over the next decade.
The WTTC, representing the global travel and tourism private sector, expects the sector to be a driving force in Europe’s economic recovery after more than two years of suffering as a result of the coronavirus pandemic, reports SchengenVisaInfo.com.
“Over the next ten years and with an average annual growth rate of 3.3%, the travel and tourism sector is expected to grow twice as fast as the overall economy, which is expected to grow by only 1.5% per year. year”, reads a statement released by the WTTC regarding the report.
In addition, the latest report from the global tourism body also reveals that travel and tourism GDP in Europe will grow by 31.4% to €1.73 trillion or US$1.9 trillion.
In this regard, WTTC President and CEO Julia Simpson said that the travel and tourism sector in Europe is recovering strongly.
“In terms of contribution to the economy and jobs in Europe, the sector will almost reach pre-pandemic levels by the end of next year as the sector’s recovery continues to gain momentum,” she also noted.
According to her, due to the spread of the Omicron variant and the closure of borders by European governments, in 2021 the recovery has been slower than expected.
The WTTC also highlighted Europe as the fastest growing region last year. It also saw the sector regain its contribution to GDP with an increase of 28% to represent 6.2% of the European economy at 1.3 trillion euros or 1.45 trillion US dollars against a contribution of 5, 2% in 2020, or just over €1 trillion or US$1.13 trillion.
The main markets where there has been a significant increase are Greece, which increased by 7%, thus favoring the return of Europe, followed by Turkey with 61% and Italy with 59%.
In addition, the World Tourism Organization also praised the European Commission for its key role in the recovery of the sector with the issuance of its digital certificate for COVID last year.
According to the latest data, more than 1.7 billion certificates have been issued by Member States, a very successful distribution and, at the same time, gave a much-needed boost to economies and saved millions of jobs.
Otherwise, there has been a slower recovery in some other European countries due to many desperate attempts by governments to stop the spread of the Omicron variant.