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The post India’s travel may surpass pre-pandemic levels by 2022 end, says WTTC appeared first on TD (Travel Daily Media) Travel Daily.
Research conducted by the World Travel & Tourism Council (WTTC) has revealed the travel and tourism sector’s contribution to the Indian economy could surpass pre-pandemic levels this year, with a year-on-year growth of 20.7%. The forecast from the WTTC’s latest Economic Impact Report (EIR), shows the sector’s contribution to the nation’s economy could reach almost ₹15.9 trillion (U.S. $215 billion) in 2022, 1% above 2019 levels.
Employment levels are set to grow to almost 35 million travel jobs, with an 8.3% growth this year. Over the next decade, India’s Travel & Tourism’s GDP is expected to grow at an average of 7.8% annually, compared to 6.7% of the India’s overall economy, to reach almost ₹33.8 trillion (U.S. $457 billion) – representing 7.2% of the total economy. The forecast also reveals the sector is expected to create over 24 million jobs over the next decade, averaging more than 2.4 million new jobs every year.
Julia Simpson, WTTC President & CEO, said: “After the pain suffered by India’s Travel & Tourism sector, the future looks bright with Travel & Tourism to and from India set to exceed 2019 levels. “The outlook for the next decade is looking very positive with India accounting for one in five of all new Travel & Tourism jobs globally.”
Before the pandemic, India’s Travel & Tourism sector’s contribution to GDP was 7% (₹15.7 trillion, U.S. $212 billion) in 2019, falling to just 4.3% (₹9.2 trillion, U.S. $124 billion) in 2020, which represented a shocking 41.7% loss.
The post India’s travel may surpass pre-pandemic levels by 2022 end, says WTTC appeared first on Travel Daily.
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