Small turn on the travel tap could boost struggling European economies
New research from the World Travel & Tourism Council (WTTC) shows even a modest increase of just one million more international arrivals into Europe could generate an extra $0.48 billion in GDP.
This would provide a massive and much-needed economic boost for EU economies struggling to survive following the imposition of travel restrictions to combat the spread of coronavirus.
Many governments are evaluating reciprocal 'travel corridors, including the UK government and those in Europe which are under immense pressure, to enable holidaymakers to take summer holidays and prevent the collapse of the Travel & Tourism sector.
WTTC, which represents the global Travel & Tourism private sector, has carried out an analysis which shows even relatively minor increases in travelling would bring significant economic and job benefits.
For every 1% increase in international arrivals (this refers to international arrivals starting from both within and outside of Europe), a massive $7.23 billion in additional GDP would be generated. So, an increase of 100 million international arrivals - equivalent to an increase of 6.7% - would result in around $48 billion in additional GDP.
Evidence from WTTC's Crisis Readiness report, which looked at 90 different types of crises, highlights the importance of public-private cooperation to ensure that smart policies and effective communities are in place to enable a more resilient Travel & Tourism sector.
According to WTTC's 2020 Economic Impact Report, during 2019, Travel & Tourism was responsible for one in 10 jobs (330 million total), making a 10.3% contribution to global GDP and generating one in four of all new jobs.