When will Asia’s travel industry recover? Maybe in 2023 | Tech US News

A new report indicates that the Asia-Pacific travel industry may be the only one in the world to recover by 2023.

This year’s “Economic Impact of Travel and Tourism” report, an annual publication by the London-based World Travel & Tourism Council, shows that compared to pre-pandemic levels, tourism receipts in 2020 fell more in Asia- Pacific (59%) than anywhere else.

Recovery efforts in the region have been muted in 2021, with most countries there maintaining strict border restrictions. The contribution of tourism revenue to regional gross domestic product increased to about 16%, lower than Europe’s 28% and North America’s 23%.

However, the report shows that Asia-Pacific is expected to close the gap this year, with the amount of travel revenue contributing to the forecast growth of the global economy by 71%.

Travel in the Asia-Pacific is increasing this year: restrictions were eased first in India and Australia, then in Malaysia and Thailand and other Southeast Asian nations, followed most recently by Japan, South Korea and Taiwan in the north.

The WTTC report expects the Asia Pacific travel industry to continue in 2023, followed by another year of positive growth in 2024.

By 2025, it estimates that travel revenue will contribute 32% more to the region’s GDP than before the pandemic, a number that far exceeds that of all other regions except the Middle East (30%).

The report estimates that the average annual growth rate of the global economy will be 2.7% between 2022 and 2032. However, over the same period, tourism’s contribution to the global economy is expected to grow at an average annual rate of 5, 8%, according to the report. report

In Asia-Pacific, the numbers rise even further, with tourism contributions to GDP expected to grow at an average annual rate of 8.5%, according to the WTTC.

The WTTC predicts that the global travel industry will add 126 million new jobs over the next decade. Of this, he says, about 65% will be in Asia-Pacific.

Just under half of the new jobs are expected to be in China and India, according to the WTTC.

Indonesia, Thailand and the Philippines are also expected to experience significant growth in tourism employment over the next decade, adding 5.3 million, 3.5 million and 3.15 million new jobs, respectively.

To contain recent spikes in cases, officials have shuttered entertainment venues in Shanghai and schools in the Chinese city of Xi’an, while placing millions of its citizens under new lockdowns.