When will Asia’s tourism industry recover? Maybe as early as 2023
A new report indicates that the tourism industry in the Asia-Pacific region could be the only one in the world to recover by 2023.
These years”Travel and tourism Economic impactThe report, an annual publication by the London-based World Travel and Tourism Council, shows that compared to pre-pandemic levels, tourism revenues fell more in Asia-Pacific (59%) in 2020 than elsewhere.
In 2021, recovery efforts in the region were muted as strict border restrictions remained in most countries. The contribution of tourism revenue to regional gross domestic product grew by about 16%, lower than Europe’s 28% and North America’s 23%.
However, the report shows that the Asia-Pacific region is expected to close the gap this year, with the amount of travel revenue contributing to the overall economic growth forecast of 71%.
Travel in the Asia-Pacific region has skyrocketed this year, with restrictions lifted first in India and Australia, then in Malaysia, Thailand and other Southeast Asian countries, followed most recently by Japan, South Korea and Taiwan to the north.
10 year forecast
The WTTC report expects further growth in the Asia-Pacific tourism industry in 2023, followed by another year of positive growth in 2024.
He estimates that by 2025, travel revenues will contribute 32% more to the region’s GDP than before the pandemic, a figure that far exceeds that of any other region except the Middle East (30%).
The report estimates that the global economy will grow at a CAGR of 2.7% between 2022 and 2032. However, over the same period, tourism’s contribution to the global economy is expected to grow by an average of 5.8% per year, according to the report.
In the Asia-Pacific region, the numbers are rising even higher, with tourism’s contribution to GDP expected to grow by an average of 8.5% per year, according to WTTC.
Where will the work travel
WTTC predicts that the global travel industry will add 126 million new jobs in the next decade. Of these, according to him, about 65% will be in the Asia-Pacific region.
Just under half of the new jobs are expected to be in China and India, according to WTTC.
WTTC Job Creation Forecast 2022 to 2032 by Country
Indonesia, Thailand and the Philippines are also expected to see notable growth in tourism jobs over the next decade, creating 5.3 million, 3.5 million and 3.15 million new jobs respectively.
To contain the recent spike in cases, officials closed entertainment venues in Shanghai and schools in the central Chinese city of Xi’an, while placing millions of its citizens under new lockdowns.