Five major metropolises in Asia see substantial economic recovery, The World Travel & Tourism Council (WTTC) reveals.
A research was carried out in collaboration with Oxford Economics analysing significant metrics such as impact of Travel and Tourism sector to GDP, employment and traveler expenditure in 82 cities across the world with the report revealing positive signs of recovery for the sector.
According to the report, Bangkok, Beijing, Seoul, Singapore, and Tokyo were the highest performing Asian cities in 2022.
The report indicates that due to persistent border closures and stringent travel limitations, the direct contribution of Travel & Tourism to GDP is gradually recuperating in these prominent cities, albeit at a sluggish rate.
The WTTC’s Cities Economic Impact Report shows that in 2019, the Travel & Tourism sector contributed $106.9BN to the capitals of these five countries combined. However, the pandemic has inflicted a harmful and enduring impact on the region, and only Beijing has managed to approach 2019 levels of recovery.
Beijing holds the top position as the biggest city destination in Asia and exhibits the most robust indications of revival. In 2022, the GDP contribution from the sector was just 4% below 2019, at $32.6BN, thanks to a strong recovery of domestic tourism.
Tokyo has the next largest Travel & Tourism economy in the region, worth $18BN in 2022, but this is still 30% lower than in 2019.
In Seoul, the GDP contribution last year was $8BN, 33% lower than in 2019.
In Singapore, the GDP contribution last year was 45% lower than in 2019.
In 2022, the sector’s GDP contribution to Bangkok was $9.2BN, 54% lower than in 2019.
Julia Simpson, WTTC President & CEO, said: “Asia has long been a world-favourite destination and after more than two years of disruption, it is great to see tourists and business travelers heading back. Tourism provides a massive boost to both the economy and job creation.”
“Our Cities Economic Impact Report shows that we expect Beijing to overtake Paris to become the world’s largest city Travel & Tourism economy within the next decade. It is crucial that the national and local governments continue to recognise the importance of Travel & Tourism for the local and national economies, jobs, and businesses.”