WORLD TRAVEL& COUNCIL TRAVEL&TOURISM ECONOMIC IMPACT2022 GLOBALTRENDS AUGUST2022 THEECONOMICIMPACTOFGLOBALTRAVEL&TOURISM 20192020 Travel&TourismGDP(percentageofglobalGDP) 10.3%5.3% ChangeinTravel&TourismGDP(Yearonyear) -50.4% $4.9trillionGDPloss JobssupportedbyTravel&Tourism 333m271m 1/10ofglobal,employment1/12ofglobalemployment (2014-2019)Changeinjobs(Yearonyear) 1/4-62m ofallglobalnetnewjobsJobslost werecreatedbyTravel& Tourism ECONOMICIMPACT2022 "Whilegovermentsupporthasbeeninstrumentalthroughoutthiscrisis,theswiftrecoveryofthesectorwillolybepossible ifleadersworktogetherandprovideclearandconsistentrules. Governmentsneedtofocusonco-existingwithCOVID-19whileenhaucingpreparednessforfuturecrises,offeringsafetravelexperiences,sipportingequitablevaccinedistribution andcontinuingfoeasethecouditiousofentrytodestinations. JuliaSimpson,President&CEOWaridTrarel&Taurism hiletheeffectoftheCOVID-19pandemichasbeenfeltacrosstheentireTravel &Tourismecosystem,2021sawthebeginningoftherecoveryforthesectorFor 2021years,theWoridTravel&TourismCouncil(WTTC)hasbeenquantifying theeconomkcimpactofTrave1&Tourism.highlightingtheimportanceofthesectcgloballyThe2022annualresearchwhichcovers185countries/economies,and26regions oftheworld,revealstheextentoftherecoveryin2021 6.1% Priortothepandemic,Travel&Tourism(includingitsdirect,indirect,andinducedimpacts)wasoneoftheworld'slargestsectors,accountingfor1in4ofallnewjobscreatedinthe world,10.3%ofalljobs(333million).and10.3%ofglobalGDP(U5D9.6trllion)MeanwvhileinternationalvisitorspendingamountedtoUSD18trilionin2019(6.8%oftotalexports) Travel&Tourismenablessocio-economicdevelopment,jobcreationandpovertyreduction.Thisinturndrvesprosperityandsignificantpositivesocialinpact.providing +21.7% +S1trillionGDPgain uniqueopportunitiestowomen,minorities,andyoungpeople.ThebenefitsofTravel indirectgainsextendingthroughtheentiret:supplychain [inkagestoothersectors TheeffectofcOVID-19emphasisedthetremendousimportanceandpositivecontributionofTravel18:Tourism.In2020,62millionjobswerelost,leavingJust271millionemployed 289m acrossthesectorglobally.This18.6%decreasewasfeltacrosstheentiresector,withSmallandMediumSizedEnterprises(SMEs)—whichmakeuparound80%ofallglobalbusinessesinthesectorbeingparticularlyaffectedalongsidewomen.theyoungand minoritiesMeanwhile,thesectorsufferedlossesofalmostUSD49trilion,withitsglobal 1/ofglobalemployment contributiontoGDPdecliningby50.4%year-on-year.comparedtoa3.3%decineofthe globaleconomy. While2021sawthebeginningoftherecoveryfortheglobalTravel&Tourismsector,this +18.2m wasslowerthanexpected,dueinparttotheimpactoftheOmicronvariart,stringert andinconsistentborderrestrictionsandthelackofcoordinationamonggovermmentsto tacklethepandemic.Travel&Tourism'scontributiontoGDPincreasedbyUSD1tillion(+217%rise)in2021toreachUSD5.8trillion,whilethesector'sshareofthewholeeconomy Jobsgainedincreasedfrom5.3%in2020to6.T%in2021Additionally.thesectorsewtherecoveryof 18.2millionjobs,representinganincreaseof6.7% However,thefuturecutlookispositive,andoursectorisonceagainshowingtsresilence andabilitytobounceback.Despitethedifficultiesthesectorhasbeenfacing.our projectionspointtoastrongdecadeofgrowth.Travel&TourismGDPIssettogrowon avera.geby5.8%annuallybetween2022and2032,outpacingthegrowthoftheoveralleconomy(2.7%peryear).OurresearchshowsthatTravel&TourismGDPcouldretumto2019levelsbytheendof2023.Whatismore,thesectorIsexpectedtocreatenearly26 millionnewjobswithinthenextdecade.Whilegovernmentsupporthasbeeninstrumental throughoutthiscrisis,theswiftrecoveryofthesectorwillonlybepossibleifleadersandpublicofficialsworktogetherandprovideclearandconsistentrules.Governmentsreed tofocusonco-existingwithCOVID-19whileenhancingpreparednessforfuturecrise: offeringsafetravelexperiences,supportingequitablevaccinedlistribution,andcontinuingtoeasetheconditionsofentrytodestinations WTTCbelievesthatthebestpolicyandplanningdecisionsa.remadewithauthoritativereliable,andaccessibledata.ThatiswhyWTTCwillcontinuetoengagewithgovernmentsandtheprivatesectortodisseminateinformationancprovidedatatoenable[eaders acrosstheworldtobulldaclearpathtoasustainableandinclusiverecoveryofthesector JuliaSimpsonPresident&CEO WorldTravel&TourismCouncil formoreinformation,pleasecontact: NejJus,HeadofResearch,WordTravel&TourismCouncil Nejc.JuswTTC.org CONTENTS 1GLOBALOVERVIEW 1.1Travel&TourismGDP 1.2Travel&TourismEmployment1.3Forecast:2022-2032 2REGIONALHIGHLIGHTS 3KEYTHEMES 4LEAGUETABLES GLOSSARY 1 GLOBAL OVERVIEW ECONOMICIMPACT2022:GLOBALTRENDS 1.1Travel&TourismGDP 201920202021 S10.3%5.3%6.1% ofglobaleconomyGDP(USD4,775billion)(USD5,812billion) (USD9,630billion) -Travel&TourismGDPdeclinedby50.4%(UsD4,855billion)in2020vstheoveralleconomy'sdeclineof3.3% ,Travel&TourismGDPgrewby21.7%(UsD1,038billion)in202lvstheoveralleconomy'sgrowthof5.8% Figure1:EconomicImpactTimeline,2000-2021 30%350000 20% 217% 330000 10% 0% -10% 3.3% 310000 290000 -20%270000 -30% 40% 50% 250000 230000 50.4% 609 T&TEmployment(Thousands)T&TGDPGrowth(%)EconomyGDPGrowth(%) PriortotheC