Travel Industry Anticipates Creating 126 Million New Jobs in Next Decade
The World Travel & Tourism Council has released its latest Economic Impact Report (EIR) during its Global Summit in Manila, Philippines this week, announcing the travel and tourism industry is expected to create nearly 126 million new jobs within the next ten years. In addition to this big prediction, the report also noted that the industry will be a driving force for global economic recovery after COVID-19, creating one in three of all new jobs expected to be created in the next ten years. Travel and tourism is expected to grow its GDP at an average annual rate of 5.8 percent in the next ten years, over twice the growth rate of the global economy, which is at 2.7 percent. The industry is expected to comprise 11.3 percent of the total global economy, which in 2019 comprised 10.3 percent of the global economy.
