(TAN): The World Travel & Tourism Council’s latest Economic Impact (EIR) reveals that the travel & tourism sector in Canada will push the nation’s economic recovery with its GDP contribution set to reach pre-pandemic levels next year.
The forecast from the World Travel & Tourism Council (WTTC), shows the sector’s contribution to Canada’s GDP could reach CAD 157 billion (USD 121 billion) next year, just 0.8% below 2019 levels.
This year, the sector’s contribution to GDP is expected to grow 25.4% to CAD 138 billion, amounting to 5.3% of the total economic GDP.
However, employment levels in the sector are set to grow at a slower rate, only 3% this year, reaching just over 1.5 million jobs.
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Over the next decade, the sector’s GDP is expected to grow at an average of 4.4% annually, more than twice the 1.9% growth rate of the country’s overall economy, to reach nearly CAD 213 billion — 6.8% of the total economy.
The forecast also reveals the sector is expected to create more than half a million jobs over the next decade, averaging more than 50,000 new jobs every year.
Julia Simpson, WTTC President & CEO, said: “Following two years of severe and highly disruptive travel restrictions, which decimated the sector, the outlook for the future is much brighter for both jobs and the economy.”
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