Italy’s travel&tourism sector to significantly expand, new report says

Half a million jobs are expected to be created during the next ten years in the country’s tourism industry, World Travel and Tourism Council (WTTC) report shows

The sector’s boost will considerably increase Italy’s economy, as analysts expects the country to reach economic pre-pandemic levels starting as soon as 2023.

According to WTTC’s Economic Impact Report (EIR), tourism industry is expected to bring more than €194 billion to the GDP, while employment could see significantly higher levels.

In the next decade, the Travel and Tourism sector is estimated to grow by 2.5 per cent each year, exceeding €226 billion by 2032, while more than half a million jobs will be created, with a rate of over 53,000 new jobs yearly.

According to WTTC President and CEO Julia Simpson, Italy’s Travel and Tourism sector was badly hit by the Covid-19 pandemic, as businesses were closed, billions were lost and thousads of the dedicated employees lost work.

“After two very difficult years, the outlook is now much brighter. Travel & Tourism’s projections provide a massive boost, not only to Italy’s overall economy but to the creation of new jobs,” Simpson added.

During the pre-pandemic period, the sector accounted for 10.6 per cent of the GDP, with more than €2.9 million jobs. During the travel lock-down, almost 500.000 people lost their jobs, accounting for a huge 15.4 per cent, as only 2.4 million were still employed in 2020. During 2021, the GDP contribution went up to reach €162.6 billion in revenue and sector’s employment increased by 9.4 per cent, translating into more than 2.6 million people with stable jobs and opportunities in the industry.

Similarly, the same EIR new report issued by the World Travel and Tourism Council shows that the tourism industry in France is also on the rise, with forecasts predicting an at least 2.2 per cent increase when compared to 2019 levels and an employment rate boosting with over 90.000 more jobs in the sector by the end of 2023.

Source: schengenvisainfo.com