Moreover, the travel and tourism sector is also expected to boost the European economy, following two years of set back due to the Covid-19 pandemic.
Over the next decade, forecasts predict the tourism sector growing by 3.3% each year, while the economy will increase by 1.5% annually. Similarly, GDP generated by the travel and tourism sector is expected to boost to €1.73 trillion, which translates into a 31.4% increase.
Julia Simpson, WTTC President & CEO, declared:
“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.
“The recovery in 2021 was slower than expected due to the impact of the Omicron and the uncoordinated response by European governments around border closures which failed to stop the spread of the virus, but did cause real and lasting damage to economies and livelihoods.”
On the other hand, Europe saw significant demand from key destinations such as Greece, Turkey and Italy, with the Greek National Tourism Organisation offered the World’s Leading Tourist Board Award by World Travel Awards*. Other countries experienced slower progress due to the authorities’ efforts to stop the spread of the Omicron variant, causing delays in the economic recovery rates.
*World Travel Awards recognizes and rewards excellence across the tourism industry worldwide. This year’s World Travel Awards Europe Gala Ceremony will be hosted by Hilton Mallorca Galatzo in Spain, on October 1st.