Almost eight million new jobs are predicted to be generated in Europe over the next decade. Following more than two years of Covid restrictions, the World Travel & Tourism Council predicts that the industry will be a driving factor behind Europe’s economic recovery.
Over the next 10 years, the travel and tourism sector is predicted to grow at double the rate of the total economy, at a rate of 3.3 % each year.
According to the latest economic impact study from the World Tourism Organization, Europe’s travel and tourism GDP is expected to increase by 31.4 % to €1.73 trillion.
WTTC president and chief executive Julia Simpson 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 % growth in sector positions last year accounted for a little over 9 % of total jobs, compared to a 12.5 % drop the previous year.
Last year’s rebound in Europe was fueled in part by growth in important destinations like Greece, which increased by 75% year on year, Turkey (61%), and Italy (59 %).
New City Ranking: Singapore Outperforms Tokyo and Hong Kong, Emerges on Top
Egypt Eyes Promising Opportunities in Fiercely Competitive Medical Tourism Sector
IATA Criticizes Proposed Airline Compensation Rule, Warns of Increased Costs for Travelers