The World Travel and Tourism Council’s recent Economic Impact Report (EIR) has revealed that the UK’s Travel and Tourism sector is expected to create around 700,000 new jobs over the next decade.

The WTTC estimates that an average of 70,000 new jobs will be created each year for the next ten years in the former EU member. The same also reveals that between 2022-2023 the UK’s Travel and Tourism contribution to GDP is projected to grow at an average rate of three percent per year, VisaGuide.World reports.

According to the report, this is almost double the growth rate of 1.7 percent of the entire economy and is set to reach more than £286 billion or 10.1 percent of the whole economy.

The sector’s contribution to GDP is expected to increase by almost two-thirds or 62.7 percent, to £214 billion by the end of 2022, reaching 8.9 percent of total economic GDP.

In this period, employment in the Travel and Tourism sector is expected to increase by only 0.5 percent, to reach slightly more than four million jobs.

WTTC President and CEO Julia Simpson said that in the very short term, the future is bright for the revival of the UK’s Travel and Tourism sector. Still, in the short term, the cost of international visitors is so low how much they are hindering the country’s economic recovery.

“After two years of economic damage to the sector, the UK government continues to take this sector for granted. There has been no focus or understanding of how critical Travel & Tourism is to the UK economy,” she pointed out in this regard.

According to her, ‘smart’ countries are investing in bringing back visitors, so travel and tourism can contribute to the economy. Since the UK is not doing the same, she asserts the country will lose travelers from markets other than European countries.

Travel and Tourism culminated in 2019 when the cost of international visitors to the UK reached £36.4 billion. Yet, in 2021, as the UK continued to struggle to attract visitors to its shores, total spending was just £3.9 billion.

Before the pandemic started, the UK’s Travel and Tourism sector contribution to GDP was 9.9 percent or £234.5 billion, falling again to just 4.3 percent or £93.8 billion in 2020, representing a staggering 60 percent loss on the global impact of 50 percent.

According to the latest EIR report, it is revealed that the year 2021 saw the slow start of the recovery for the UK’s Travel and Tourism sector.

Meanwhile, its contribution to GDP last year increased by 40.3 percent from year to year to reach more than £131 billion, still significantly below the levels of 2019.

Moreover, with the creation of less than 16,000 new jobs in Travel and Tourism, the sector’s modest recovery was achieved to reach an amount of 4.11 million, which is still about 170,000 fewer jobs than before the pandemic.

The recent WTTC EIR report also reveals that Turkey’s Travel and Tourism sector is expected to create more than 716,000 new jobs over the next decade.

In addition, Turkey’s Travel and Tourism GDP is projected to grow at an average rate of 5.5 percent each year, meaning more than double the 2.5 percent growth of the country’s total economy.

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