Travel, tourism investment to increase by 11 per cent in 2023

Global travel and tourism investment is set to increase by 11.5 per cent in 2023 and return to pre-pandemic levels in 2025, the World Travel and Tourism Council (WTTC) President and Chief Executive Julia Simpson said on Thursday, November 2. Speaking during the second day of the WTTC’s 23rd Global Summit in Kigali, Simpson referred to the latest data from WTTC and its partner Oxford Economics. ALSO READ: What can Rwanda display at WTTC's Africa debut? President Paul Kagame, Tanzanian President Samia Suluhu Hassan as well as Burundi’s Vice President Prosper Bazombanza were among the keynote speakers at the official opening of the summit. ALSO READ: African air transport cost remains a barrier to tourism growth The outlook, Simpson said, found that environmental risks represent half of the top 10 global risks and that the industry is seeing increasing scrutiny of its social impacts. “In this context, the 2023 dialogue will focus on investment in sustainability.” The global travel and tourism sector is making a robust comeback, bouncing back to the pre-pandemic vigour of 2019, and according to the latest data, all regions are recovering faster than previously expected, with Asia-Pacific leading the way. ALSO READ: President Suluhu, Burundian VP Bazombanza in Kigali for global tourism summit “Our latest data highlights our sector’s enduring appeal and resilience and is recovering faster than anticipated. “This trend underlines the longstanding consumer appetite for travel, and despite China’s full recovery potential yet to be realised, the global sector’s performance is exceeding expectations,” she added. What numbers say Travel and tourism were responsible for 8.1 percent of greenhouse gas emissions in 2019, 10.6 per cent of total global energy, and 0.9 per cent of freshwater use. The data combines 185 countries across all regions and is expected to be updated each year with the latest figures. Africa has the world’s youngest population and by 2033, $1 in every $13 created in Africa, will come from Travel and Tourism and 1 in 17 jobs will be in the sector. By 2033, the WTTC predicts that the sector will contribute more than $430 billion to the African economy and that jobs in the sector will grow significantly, reaching more than 110 million people in total. In Rwanda, the WTTC projects that by 2033 the travel and tourism sector will contribute more than $2.1 billion to the national economy and generate almost 568,000 jobs, citing the country’s commitment to sustainable tourism, diversifying the experiences it offers and promoting knowledge of its rich biodiversity, culture, heritage and art. Globally, the industry is expected to create almost 126 million jobs worldwide within 10 years, according to a report issued by the WTTC in 2022. The outlook, also known as the WTTC’s Economic Impact Report (EIR), states that the travel and tourism sector will be a driving force of the global economic recovery from the two-year pandemic. The report forecasts that the travel and tourism sector’s GDP will grow at an average rate of 5.8 per cent annually between 2022 and 2032, outstripping the growth rate for the global economy, to reach $14.6 trillion equivalent to 11.3 per cent of the total global economy. Rwanda, a proud host As host to the first-ever WTTC Global Summit in Africa, Rwanda Development Board (RDB) Chief Executive, Francis Gatare, pointed out that the decision, among others, reflects the nation’s achievements over the past few decades. “Hosting the WTTC Global Summit in Rwanda and for the first time in Africa marks an incredible milestone for the continent. It is also an opportunity for the world to witness Rwanda and Africa’s dedication to sustainable tourism.” Speaking before a packed hall at the Kigali Convention Centre (KCC), Gatare said; “In Rwanda, we understand deeply the role travel and tourism play in shaping our economy and fostering global unity.” Gatare pointed out that the summit was an opportune moment for Rwanda to welcome industry leaders to the celebration of the gorilla naming ceremony that will be marking its 20-year anniversary in September 2024. “I invite you all to join us for this historic occasion, and witness the naming of the next generation of baby mountain gorillas in what promises to be a remarkable celebration of conservation,” he added. This year’s World Travel and Tourism Council (WTTC) 2023 convened more than 1,200 participants in the global tourism industry to recognise the sector’s growth across the continent in recent years and at the same time analyse its challenges. The three-day summit, which kicked off on November 1, is running under the theme ‘Building Bridges to a Sustainable Future’, to discuss resilience and sustainable growth, the growing impact of AI, and understanding new and emerging markets, and also cover the key challenges and opportunities facing the sector.

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Travel, tourism investment to increase by 11 per cent in 2023