The World Travel and Tourism Council (WTTC) has revealed that France’s Travel and Tourism sector could surpass pre-pandemic levels next year when it is projected to grow 2.2 per cent above 2019 levels.
The WTTC’s recent Economic Impact Report (EIR) also shows that the sector’s contribution to GDP by next year could reach more than €216 billion, SchengenVisaInfo.com reports.
According to the report, 2019 levels are expected to exceed employment within the sector as well, creating almost 90,000 additional jobs, representing nearly 2.8 million by the end of next year.
The latest data from the Global Tourism Organization reveals that the GDP of Travel and Tourism is expected to grow at an average of 2.8 per cent per year over the next decade, which means more than double the growth rate of 1.3 per cent of the country’s overall economy, reaching almost €264 billion or nine per cent of the total economy.
In addition, the forecast also shows that in the next ten years, the Travel and Tourism sector in France is expected to create more than 385,000 jobs, averaging over 38,000 new jobs each year, thus reaching more than three million employees in this sector until 2032.
Meanwhile, by the end of this year, the sector’s contribution to GDP is expected to increase by 24.3 per cent to more than 200 billion euros, reaching 7.8 per cent of total economic GDP. However, in terms of employment in this sector, it is expected to grow at a slower pace at 3.1 per cent, to reach nearly 2.7 million jobs.
In this regard, WTTC President and CEO Julia Simpson said that France is the backbone of the European travel and tourism sector and, at the same time, the most popular destination in the world.
“Throughout the pandemic, President Macron and his government recognized the importance of our sector and has shown total commitment to the recovery,” she also pointed out.
According to her, these data provided by the WTTC provide a positive outlook, showing a clear recovery of economic contribution from t.he sector.
Before the pandemic started, France’s overall contribution to Travel and Tourism to GDP was 8.4 per cent or €211.9 billion, which, compared to 2020, fell by only five per cent or €114.9 billion, representing a staggering loss of 45.8 per cent.
The sector has also backed nearly 2.7 million jobs, ahead of an almost complete ban on international travel that resulted in a loss of 255,000 jobs or 9.5 per cent of them in the industry, to reach just over 2.4 million by 2020.
In 2021, its contribution to GDP increased by 40.6 per cent year on year, reaching 161.5 billion euros.
However, job recovery was slower, with only 170,000 jobs created in Travel and Tourism, reaching 2.6 million.
On May 20, the latest WTTC EIR Report also revealed that Germany’s Travel and Tourism sector over the next year will surpass pre-pandemic levels by almost 2.5 percent above 2019 levels.
Moreover, the forecast also reveals that the Travel and Tourism sector is expected to create almost half a million jobs in the next decade, averaging more than 47,000 each year.