Italy’s Travel & Tourism Sector to Create 500,000 Jobs
Posted on May 27, 2022
Italy’s Travel and Tourism sector is remarkably about to grow to boost the country’s economy to reach the same as the pre-pandemic levels by next year with a small difference of level 0.3 percent, says the World Travel and Tourism Council (WTTC).
According to the WTTC’s recent Economic Impact Report (EIR), the Travel and Tourism sector’s contribution to GDP might reach €194 billion by next year. But on the contradictory, the employment in this sector has already hit pre-pandemic levels.
A recent report from global tourism says the travel and tourism sector will surely grow at an average rate of 2.5 percent, which means the growth rate of 0.5 is five times the country’s overall economy. It is estimated that by the year 2032, this growth will cross €226 billion.
Generates half a million Jobs
The growth expectation for this industry foresees many increases in travel and tourism sector jobs. On average, this number is estimated to be 53,000 new jobs each year. Half a million jobs, which might be equal to 533,000 jobs by the next decade.
The GDP for 2022 is expected to increase by 8.7 percent, i.e., almost equal to 176 billion euros, representing 9.6 percent of the total economic GDP. Employment is also said to increase by two percent, almost equal to 2.7 million jobs.
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Julia Simpson, CEO, and WTTC President Statement
The pandemic has caused a lot of damage to Italy’s Travel and Tourism sector, wiped out billions from the economy as most businesses collapsed, and thousands of them lost their jobs.
Julia says, “The post-pandemic days look much brighter as the infection has ended. Travel and Tourism have boomed with a lot of expectations. This is not just for the country’s economy, but also have a new wave in employment by creating a million jobs.”
Before the pandemic, the total contribution to GDP by the travel and Tourism sector was 10.6 percent, or 194.8 billion. In other words, it is 102.6 billion, which represents a 47.3 percent loss. Whereas during 2020, the fall was only 6.1 percent.
Before entering into the pandemic, the travel industry had encouraged and supported almost €2.9 million jobs, resulting in much more loss of 400,000 or 15.4 percent. This was 2.4 million in 2020.
The contribution to GDP has increased by 58.5 percent since 2021 and increased yearly to reach €162.6 billion. The employment in this sector increased by 9.4 percent, gaining more than 2.6 million.
France’s Travel and Tourism sector
According to WTTC Economic Impact Report, France’s travel and tourism sector has also exceeded the pre-pandemic levels by next year, which is estimated to grow 2.2 percent above 2.19 levels.
Employment in this sector is also expected to increase by creating 90,000 additional jobs, which will lead to 2.8 million by the end of the year.
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