The latest economic impact report from the World Travel & Tourism Council (WTTC) has revealed that the Italian travel and tourism industry could almost reach pre-pandemic levels by 2023, with an estimated difference 0.3% compared to 2019.
Italy’s travel and tourism industry could contribute up to €194 billion to the country’s GDP next year, with employment growing rapidly to meet growing needs, matching pre-war employment levels. pandemic.
The report also predicts that the industry will grow on average 2.5% per year over the next decade, increasing employment by more than 53,000 new jobs each year. The 2.5% growth in travel and tourism dwarfs the overall average growth rate of the Italian economy, which is currently 0.5%. The industry is expected to be worth more than €226 billion by 2032.
This year, the industry’s GDP is expected to grow by 8.7%, representing just under 10% of the country’s total GDP for the year. Employment is expected to grow by 2% this year, employing nearly 2.7 million people.
For comparison, in 2019, the industry’s contribution to the country’s GDP was 10.6%. Nearly 2.9 million Italians were employed in industry during what is now considered the peak of the country’s industry before the pandemic.
“The pandemic has been catastrophic for Italy’s travel and tourism sector, wiping billions of dollars from the economy as businesses collapse and thousands of people lose their jobs,” said Julia Simpson, President and CEO of WTTC. “After two very difficult years, the outlook is now much better. The Travel & Tourism projections provide a massive boost, not only to Italy’s overall economy, but to the creation of new jobs.
The report notes that the recovery of travel and tourism in the country was somewhat slowed down due to the Omicron variant in late 2021.
What could accelerate the country’s recovery is the much-anticipated boom in summer travel to Europe; in preparation, the country already eased its COVID-19 entry requirements earlier in May, along with Greece.
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To view Italy’s Economic Impact Report or any other country’s report, please Click here.