The WTTC 2023 Economic Impact Research (EIR) reveals the Greek Travel & Tourism sector is projected to near pre-pandemic levels this year.
The sector is set to contribute €39.2 billion to the Greek economy by the end of 2023, only 4% behind the 2019 pre-pandemic high of €40.8 billion.
WTTC is also forecasting that the sector will create more than 17,000 jobs this year, reaching the 2019 peak of 820,000 employed by Travel & Tourism.
A look back on last year
Last year, the Travel & Tourism sector’s GDP contribution grew by nearly two fifths (38.2%) to reach nearly €38 billion, representing 18.5% of the Greek economy.
The sector also created 5,000 more jobs, compared to the previous year, to reach almost 800,000 jobs nationally.
According to the report, the sector has now recovered 82%% of the jobs lost during the pandemic.
Last year also saw the return of international travellers heading to Greece, with the UK (14%), Germany (14%), and Bulgaria (10%) leading as source markets for international arrivals in Greece.
According to the data, in 2022, international visitor spend contributed €19.1 billion to the national economy, representing a year-on-year growth of more than 56%.
Julia Simpson, WTTC President & CEO, said: “The Travel & Tourism sector is very important in Greece, representing more than 19% of the economy. Tourism is recovering strongly with high visitor demand. Greece is one of Europe’s most popular destinations, and the data clearly shows travellers are heading back in their droves. Greece took a leadership position during the pandemic.
“The future for the sector in Greece is optimistic. By the end of this year, the sector’s contribution will be almost back to 2019 levels. Over the next decade, growth will outstrip the national economy growth rate and create thousands of new jobs over the next decade.”
What does the next decade look like?
The global tourism body is forecasting that the sector will grow its GDP contribution to €57.2 billion by 2033, representing nearly a quarter (23.6%) of the Greek economy.
Over the next decade, Travel & Tourism could employ more than 1,02 million people across the country, with one in four jobs supported by the sector.
Europe
In 2022, the European Travel & Tourism sector contributed €1.9 trillion to the regional economy, just 7% below the 2019 peak. WTTC forecasts the regional sector’s GDP contribution will reach €2.04 trillion in 2023 and be within touching distance of the 2019 highpoint.
The sector employed 34.7 million people across the region in 2022, an increase of 2.9 million from the previous year, but still 3.2 million behind the 2019 peak. WTTC forecasts the sector will fully recover the jobs lost during the pandemic by the end of 2024.
Japan’s Travel & Tourism sector nears pre-pandemic recovery despite lengthy restrictions
The WTTC reveals Japan’s Travel & Tourism sector’s GDP contribution is forecast to reach USD 285.5 billion (JPY 37.6 trillion) this year.
This figure is only 6.8% shy of to the 2019 pre-pandemic high of USD 306.5 billion (JPY 40.3 trillion), and by end of year the sector could represent 6.8% of the total economy.
Despite the effects of the pandemic spanning into 2023 in Japan, WTTC is forecasting for the sector to create around 470,000 jobs this year, to reach nearly 5.6 million. This means around one in twelve workers in Japan, are directly or indirectly employed in the Travel & Tourism sector.
While the sector is still shy of 300,000 jobs to reach pre-pandemic levels, by the end of this year it will only be 5.2% below 2019 levels.
International visitor spend in Japan is forecast to surge by 553.4% this year to reach USD 16.8 billion (JPY 2.2 trillion), still 57.6% below the 2019 peak.
A look back on last year
Last year the sector’s GDP contribution grew by 50.5% to reach more than USD 257 billion (JPY 33.9 trillion), representing 6.2% of the economy.
The sector saw jobs increase in 2022, from the previous year, to nearly 5.1 million jobs nationally – one in 13 jobs across Japan.
International visitor spend in Japan declined in 2022 as the effects of prolonged travel restrictions continued to have a chokehold on the sector. International visitor spend declined a by more than 31%, remaining 93.5% below 2019 levels.
Domestic visitor spend grew by 61.6% last year, virtually returning to 2019 levels, only 0.2% behind.
Julia Simpson, WTTC President & CEO, said: “Travel & Tourism is an important driver of economic growth and job creation to Japan. We predict a significant boost to the global Travel & Tourism sector as residents begin to travel once again.
“The economic ripple effect of this sector is awe-inspiring. It stimulates job creation, from tour guides and hotel staff to local artisans and transportation providers.
“International travel will be essential to achieve the long-awaited recovery. We must nurture and support this sector, finding innovative ways to attract visitors and ensure their comfort. By doing so, we not only boost our economy but also support livelihoods and local communities.”
Hiroyuki Takahashi, JTB Corp. Chairperson of the Board, said: “As the global demand to visit Japan is extremely high and growing, we, JTB Corp., are working together with the public and private sectors and developing new tourism attractions to expand the capacity in rural areas.
“Adventure tourism would be the innovative driver to address to these demands and challenges.
“With a commitment to sustainability, innovation, and unforgettable experiences, we envision a future where Japan's Travel & Tourism sector thrives.”
Isao Takashiro, JAT Chairman and CEO, said: “Thanks to the government's efforts and a resurgence in travel demand, our domestic terminal passengers have rebounded to pre-pandemic levels. This remarkable recovery showcases the resilience of our sector.
“Haneda Airport's international terminal is on track to surpass 18 million passengers by the end of this year, despite challenges faced. With increased slots and capacity, and anticipated growth in inbound demand, we project exceeding 25 million passengers by 2025.”
“As an essential gateway to Japan, we remain committed to enhancing the passenger’s experience, with new international flight facilities and attractive commercial amenities.”
In 2022, the top source markets for international visitors to Japan were South Korea (24%), mainland China (10%), Taiwan, China (10%), U.S. (8%) and Hong Kong, China (7%).
What does the next decade look like?
The global tourism body is forecasting that the sector will grow its GDP contribution to USD 353.4 billion (JPY 46.5 trillion) by 2033, nearly 8% of the Japanese economy, and will employ 6.7 million people across the country, with one in ten Japanese residents working in the sector.
Asia-Pacific
In 2022, the Asia-Pacific Travel & Tourism sector contributed USD 1.6 trillion to the regional economy, but this is still 50% behind the 2019 peak. WTTC forecasts the region’s GDP contribution from the sector will reach more than USD 2.6 trillion in 2023 – just 16% below the 2019 highpoint.
The sector employed over 155 million people across the region in 2022, an increase of 8.7 million from the previous year but still 15% behind pre-pandemic levels. WTTC forecasts the sector will fully recover the jobs lost during the pandemic by the end of 2024 or the beginning of 2025.
China’s Travel & Tourism sector forecast to see swift post-pandemic recovery despite prolonged restrictions
The World Travel & Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) today reveals China’s Travel & Tourism sector’s GDP contribution is forecast to grow more than 150% this year.
The sector is set to contribute CNY 9.9TN to the economy this year, edging closer to the 2019 pre-pandemic high of CNY 12.27TN.
Despite the effects of the pandemic spanning into 2022 in China, WTTC is forecasting for the sector to create almost 11.5MN jobs this year, recovering one in two of the jobs lost to reach 74.7MN. This means around one in 10 workers in China, are directly or indirectly employed in the Travel & Tourism sector.
While the sector is still shy of 7.9MN jobs to reach pre-pandemic levels, by the end of this year it will only be 10% below 2019 levels.
International visitor spend in China is forecast to grow more than 50% this year to reach more than CNY 306BN. Although this is positive growth, it is still almost 70% below the 2019 peak.
A look back on last year
Due to ongoing travel restrictions, last year the sector’s GDP contribution declined by almost 30% to reach CNY 3.9TN, representing just over 3% of the economy.
In 2019, before the pandemic, the Travel & Tourism sector in China was worth CNY 12.3TN, representing almost 12% of the economy.
The sector saw jobs decline in 2022, from the previous year, to a low of 62.9MN jobs nationally – one in 12 jobs across China.
International visitor spend in China also declined in 2022 as the effects of prolonged travel restrictions continued to have a chokehold on the sector. International visitor spend declined a further 8.5%, remaining almost 80% below 2019 levels.
Domestic visitor spend followed a similar pattern, declining 33% last year, remaining 67% below 2019 levels.
Julia Simpson, WTTC President & CEO, said: “Travel & Tourism is a vital driver of economic growth and job creation to China, and we predict a significant boost to the global Travel & Tourism sector as residents begin to travel once again.
“The fact China has reopened is great news. In 2019 Chinese tourists represented 15% of international spending and that figure is set to grow. We are urging governments to prioritise and streamline visa applications to ensure embassies can manage the high visa demand from Chinese residents.”
In 2019 and 2022, between 74-77% of international visitors to mainland China came from Hong Kong, Macau, Myanmar, South Korea, Japan, the U.S. and Vietnam. There were 49.7MN arrivals from those source markets in 2019, however in 2022, this reduced by 85% to 7.2MN arrivals.
What does the next decade look like?
The global tourism body is forecasting that the sector will grow its GDP contribution to almost CNY 27TN by 2033, 14% of the Chinese economy and will employ over 100MN people across the country, with one in seven Chinese residents working in the sector.
Asia-Pacific
In 2022, the Asia-Pacific Travel & Tourism sector contributed $1.6TN to the regional economy, but this is still 50% behind the 2019 peak. WTTC forecasts the region’s GDP contribution from the sector will reach more than $2.6TN in 2023 – just 16% below the 2019 highpoint.
The sector employed over 155MN people across the region in 2022, an increase of 8.7MN from the previous year but still 15% behind pre-pandemic levels. WTTC forecasts the sector will fully recover the jobs lost during the pandemic by the end of 2024.
