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Published on : Saturday, May 21, 2022
The World Travel & Tourism Council’s latest Economic Impact (EIR) said that the German travel and tourism sector will propel the country’s national economic recovery and is expected to exceed pre-pandemic levels next year, almost 2.5% above the levels of 2019.
As per predictions by the World Travel & Tourism Council (WTTC), tourism’s contribution to GDP is expected to reach more than €364 billion by 2023.
Travel and tourism in Germany is expected to improve the national economic revival with an average growth rate surpassing the country’s economy growth in general for the next 10 years.
Travel and tourism’s GDP is expected to develop at an average annual rate of 1.3% each year between 2022-2032, and is expected to reach more than €394 billion.
As per the forecast, the travel and tourism segment is expected to give rise to almost half a million jobs in the next 10 years, averaging more than 47,000 every year.
By the end of 2022, tourism’s involvement with GDP is expected to nurture 52.4% exceeding €347 billion, amounting to 9.6% of the total economic GDP. Jobs in the sector are expected to increase by 6.9% to reach 5.5 million jobs.
Julia Simpson, the WTTC President & CEO said that pandemic greatly affected Germany’s travel and tourism, impacting millions of livelihoods and the national economy.
She said that with an overall positive position, an enormous boost to businesses across Germany can be expected, with travel and tourism recovering from the pandemic blues.