Asia-Pacific's Travel Industry Could Be the First to Recover by 2023
The recently released 'Travel & Tourism Economic Impact' report indicates the travel industry in Asia-Pacific may be the only one worldwide to recover by 2023.
MELBOURNE, Australia, November 2, 2022 (Newswire.com) - According to Inspiring Vacations, provider of exciting worldwide experiences including tours to Alaska, Scandinavia tours and everywhere in between, the pace of recovery for the tourism industry has been strong, as more places reduce or remove travel restrictions and the demand pent up during the pandemic is released.
Inspiring Vacations explains that certain factors pose a risk to the recovery of the travel industry around the world including rising inflation, high energy prices, labour shortages at airports and lockdowns in China.
Despite these concerns, the annual report produced by London-based World Travel & Tourism Council (WTTC) shows that Asia-Pacific is expected to recover at an incredibly strong pace. The report highlighted that tourism revenue dropped in the Asia-Pacific by 59% in 2020, which was more than anywhere else in the world.
The Alaska tours operator explains that in 2021, with most countries in the region maintaining strong border restrictions, recovery to the travel industry was muted. The WTTC report showed revenue from tourism in Asia-Pacific contributed only 16% to regional gross domestic product while in Europe that figure was 28% and 23% in North America.
This year, however, the WTTC report indicates that Asia-Pacific travel revenue is expected to contribute 71% to the overall economy. Inspiring Vacations says travel in the region is skyrocketing, with restrictions eased or removed in most countries.
The WTTC report expects Asia-Pacific's travel industry to continue to gain traction with positive growth forecast in 2023 and 2024. It estimates that by 2025, travel revenue will contribute 32% more to the region's GDP than pre-pandemic levels.
In more exciting news for the industry, the WTTC report predicts that 126 million new jobs will be added in the next decade, with 65% of the new jobs expected to be in Asia-Pacific.
A proudly Australian owned and operarted company, Inspiring Vacations offers tours to suit everyone at unbeatable, value for money prices. To discover more about exciting worldwide experiences including guided tours of Alaska and tours to Scandinavia, get in touch with Inspiring Vacations.
Source: Inspiring Vacations