New WTTC Report provides vital investment recommendations for travel and tourism sector post-pandemic
The paper demonstrates how crucial it is for both destinations and governments to attract investment through an effective enabling environment
In its latest report, The World Travel & Tourism Council (WTTC) has provided investment recommendations for governments and destinations, as they aim to rebuild and grow their travel and tourism sector. The report reveals that capital investment dropped by almost one-third (29.7%) last year, plummetting from US$ 986 billion in 2019 to US$ 693 billion in 2020. Now, as we head towards recovery, investment in travel and tourism has never been so critical.
The sector’s contribution to global GDP fell from nearly US$ 9.2 trillion in 2019 to US$ 4.7 trillion in 2020, representing a loss of almost US$ 4.5 trillion. Furthermore, as the pandemic ripped through the heart of the sector, a shocking 62 million travel and tourism jobs were lost while many remain at risk.
The paper demonstrates how crucial it is for both destinations and governments to attract investment through an effective enabling environment, including incentives such as smart taxation, travel facilitation policies, diversification, integration of health and hygiene, effective communication, and a skilled and trained workforce. It also shows how important it is to forge public-private-community partnerships (PPCP).
According to the report, governments and destinations should invest and attract investment from the private sector in areas such as physical and digital infrastructure, as well as in travel segments such as wellness, medical, MICE, sustainable, adventure, cultural or targetted – including women, LGBTQI, and accessible – tourism.
“WTTC data has laid bare the devastating impact the pandemic has had on the travel and tourism sector. It is crucial for stakeholders to focus on travel facilitation to achieve a safe and seamless traveller journey, and diversification of revenue-generating activities, among other opportunities. As this sector heads towards recovery, it is essential to understand the priorities to drive public and private investment to rebuild the economy and unlock the full potential of the travel and tourism sector,” said Julia Simpson, WTTC President & CEO.
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