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Global Tourism Has Potential To Reach $8.6 Trillion

Global Tourism Industry Estimated to Exceed $8 Trillion

Global Tourism Has Potential To Reach $8.6 Trillion

In a row, natural and man-made catastrophes are having an impact on global tourism. Despite this, per a tourist industry poll, it has the potential to reach $8.6 trillion this year.

According to a poll conducted jointly by the World Travel and Tourism Council and Oxford Economics, travel and tourism added 21.7 percent to global GDP last year after dipping drastically in 2020 as a result of the epidemic. According to both tourist organizations, tourism development this year holds enormous potential.

Although tourism showed significant indications of recovery in January this year after being severely impacted by pandemic restrictions, the Russian war on Ukraine increased the insecurity, according to the UNWTO.

According to a UN report, worldwide visitor influxes more than quadrupled in January this year, climbing by 130 percent over January last year. In March of this year, an additional 18 million tourists were registered globally.

Although these tourist data show a promising trend, recovery has stalled owing to the introduction of the Omicron variant and the resulting travel restrictions in many sites throughout the world. According to the UN, overseas arrivals were 67 percent lower in January this year than predicted. All areas performed much better in January than in the same month in 2021.