The World Travel and Tourism Council’s recent Economic Impact Report (EIR) reveals that Turkey’s Travel and Tourism GDP is projected to grow at an average rate of 5.5 percent each year over the next decade, which means more than double the growth rate of 2.5 percent of the country’s total economy.
The World Travel and Tourism Council (WTTC) forecast shows that by 2032, the sector’s contribution to nations’ GDP could reach nearly 1.036 billion Turkish Lira or $117 billion, representing 11 percent of the economy total, VisaGuide.World reports.
In addition, the sector is expected to create more than 716,000 new jobs over the next decade.
The sector’s contribution to GDP is expected to increase by 15.5 percent by the end of 2022 to almost 607 billion Turkish Lira or $68.5 billion, thus reaching 8.3 percent of the country’s economy.
Meanwhile, employment in this sector is expected to increase by four percent to achieve more than 2.5 million jobs.
According to the latest data of flight bookings from the knowledge partner WTTC Forwardkeys, Turkey is claimed to be the fourth most popular European point this summer among travelers seeking to reach destinations such as Istanbul, Antalya, Bodrum, and Dalaman.
These data also show that flight bookings are already surpassing pre-pandemic levels, with bookings from the UK at 101 percent.
Other resource markets such as the US, Canada, and Ireland outperform 2019, with bookings of 57 percent, 28 percent, and 18 percent, respectively.
In this regard, WTTC President and CEO Julia Simpson said that for Turkey’s Travel and Tourism sector, the future looks bright with its contribution to GDP that will exceed the national economy for the next ten years, creating almost three-quarters of a million new jobs.
“Flight booking data from our partner ForwardKeys clearly shows that this popular destination is set to enjoy a bumper summer season,” she also added.
According to her, Turkey’s economy depended on international tourism before the pandemic started, so its recovery is critical to both the economy and jobs.
In 2019, the contribution of Turkey’s Travel and Tourism sector to GDP was 11 percent, which means 693.3 billion Turkish Lira or $78.2 billion, down from only 5.1 percent to 327.2 billion Turkish Lira or $36.9 billion in 2020, which was a painful loss of 52.8 percent.
The sector also backed the country with nearly 2.6 million jobs before falling by 18 percent to 2.1 million.
According to the latest WTTC EIR report, 2021 marked the beginning of the recovery for the Turkish Travel and Tourism sector. In 2021, its contribution to GDP increased by 60.6 percent year on year, thus reaching 525.5 billion Turkish Lira or $59.3 billion.
The sector also saw a recovery of almost 300,000 jobs in Travel and Tourism, representing an increase of 14 percent to reach more than 2.4 million.
Moreover, the global tourism organization claimed that the sector’s contribution to the economy and employment could have been higher had it not been for the huge impact of the Omicron variant, which led to a stagnant recovery in all countries of the world.
On the other hand, the recent WTTC EIR Report reveals that employment in Canada’s Travel and Tourism sector has grown at a slower rate of just three percent this year, reaching about 1.5 million jobs. However, the report predicts the sector will create more than half a million jobs over the next decade, averaging more than 50,000 new jobs each year.