The World Travel and Tourism Council (WTTC) posted a new report which provides investment recommendations for governments and destinations as they strive to rebuild and grow their travel and tourism industry.
WTTC report highlights the importance of investing in the travel and tourism sector as a path to recovery, and how crucial it is to forge a public-private-community partnership (PPCP).
According to the report, governments and destinations should invest and attract investment from 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 targeted tourism – including women, LGBTQI and accessible -.
“Understanding the priorities for stimulating public and private investment is critical to rebuilding the economy and unlocking the full potential of the travel and tourism sector,” said WTTC President and CEO. Julia simpson.
The document shows how crucial it is for destinations and governments to attract investment through an effective enabling environment, including incentives such as smart taxation, travel facilitation policies, diversification, health and hygiene integration, effective communication and a skilled and trained workforce.
The report also offers key recommendations for governments and destinations and highlights the segments that could be the most attractive to investors.
The impact of mobility restrictions
As the WTTC pointed out, with the pandemic almost completely halting international travel, the global travel and tourism industry has suffered more than any other due to severe mobility restrictions.
The sector’s contribution to global GDP has fallen from nearly $ 9.2 trillion in 2019 to just $ 4.7 trillion in 2020, representing a loss of nearly $ 4.5 trillion. In addition, while the pandemic was raging in the heart of the sector, a 62 million jobs in travel and tourism were lost while many still remain in danger.
The WTTC report finds that capital investment fell by nearly a third (29.7%) last year, from $ 986 billion in 2019 to just $ 693 billion in 2020.
The report is available here.
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