Economic Impact Reports
Alongside our Insights reports, WTTC produces reports on the economic and employment impact of Travel & Tourism for 185 countries/economies and 25 geographic or economic regions in the world. These reports, in conjunction with Oxford Economics, are a vital tool in helping us to equip public and private sector bodies with hard evidence of the huge value Travel & Tourism brings to the economy, so that their policymaking and investment decisions support our sector.
Prior to the pandemic, Travel & Tourism (including its direct, indirect and induced impacts) accounted for 1 in 4 of all new jobs created across the world, 10.6% of all jobs (334 million), and 10.4% of global GDP (US$9.2 trillion). Meanwhile, international visitor spending amounted to US$1.7 trillion in 2019 (6.8% of total exports, 27.4% of global services exports).
WTTC’s latest annual research shows:
- The Travel & Tourism sector suffered a loss of almost US$4.5 trillion to reach US$4.7 trillion in 2020, with the contribution to GDP dropping by a staggering 49.1% compared to 2019; relative to a 3.7% GDP decline of the global economy in 2020.
- In 2019, the Travel & Tourism sector contributed 10.4% to global GDP; a share which decreased to 5.5% in 2020 due to ongoing restrictions to mobility.
- In 2020, 62 million jobs were lost, representing a drop of 18.5%, leaving just 272 million employed across the sector globally, compared to 334 million in 2019. The threat of job losses persists as many jobs are currently supported by government retention schemes and reduced hours, which without a full recovery of Travel & Tourism could be lost.
- Domestic visitor spending decreased by 45%, while international visitor spending declined by an unprecedented 69.4%.