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The travel and tourism (T&T) sector stands at a pivotal moment, poised for transformative growth and innovation. The COVID-19 pandemic caused unprecedented consequences, leading to an estimated drop of over 70% in international tourist arrivals; and a global drop of over 50% in total travel spend equivalent to over $3 trillion. However, it has also presented a unique opportunity for reimagining and reshaping the sector. Moving forward, as the sector recovers and expects further acceleration, with an estimated annual growth in spending of 7% in the next decade, its resilience and adaptability have come to the forefront, re-positioning it as a key driver of global socioeconomic growth, environmental stewardship and sustainable development.
The significance of T&T to the global economy cannot be overstated. Prior to the pandemic, the sector accounted for 10.4% of global gross domestic product (GDP) and 10% of jobs worldwide. Business travel plays an important role within the T&T sector, directly contributing over $1.4 trillion in GDP and serving as a backbone for global commerce and international relations as many corporations rely on travel for market expansion, internal collaboration and client engagement. Beyond these figures, the sector’s impact extends to cultural exchange, environmental conservation, personal well-being and even support during world crises. As it looks to the future, T&T’s potential to foster positive change on a global scale is immense.
This briefing paper aims to explore how T&T can capitalize on its transformative potential in a rapidly evolving world. By examining the roles of key stakeholders, emerging opportunities and innovative solutions, it aims to inspire a collective vision and foster dialogue to shape the future of the sector. The ultimate goal is to create a sector that not only recovers from recent setbacks but emerges stronger to operate effectively in times of “polycrisis”(when numerous crises play out at once, such as pandemics, political unrest, wars and environmental disasters); and is resilient and better equipped to grow sustainably and foster well-being for all.
The travel and tourism (T&T) sector stands at a pivotal moment, poised for transformative growth and innovation. The COVID-19 pandemic caused unprecedented consequences, leading to an estimated drop of over 70% in international tourist arrivals; and a global drop of over 50% in total travel spend equivalent to over $3 trillion. However, it has also presented a unique opportunity for reimagining and reshaping the sector. Moving forward, as the sector recovers and expects further acceleration, with an estimated annual growth in spending of 7% in the next decade, its resilience and adaptability have come to the forefront, re-positioning it as a key driver of global socioeconomic growth, environmental stewardship and sustainable development.
The significance of T&T to the global economy cannot be overstated. Prior to the pandemic, the sector accounted for 10.4% of global gross domestic product (GDP) and 10% of jobs worldwide. Business travel plays an important role within the T&T sector, directly contributing over $1.4 trillion in GDP and serving as a backbone for global commerce and international relations as many corporations rely on travel for market expansion, internal collaboration and client engagement. Beyond these figures, the sector’s impact extends to cultural exchange, environmental conservation, personal well-being and even support during world crises. As it looks to the future, T&T’s potential to foster positive change on a global scale is immense.
This briefing paper aims to explore how T&T can capitalize on its transformative potential in a rapidly evolving world. By examining the roles of key stakeholders, emerging opportunities and innovative solutions, it aims to inspire a collective vision and foster dialogue to shape the future of the sector. The ultimate goal is to create a sector that not only recovers from recent setbacks but emerges stronger to operate effectively in times of “polycrisis”(when numerous crises play out at once, such as pandemics, political unrest, wars and environmental disasters); and is resilient and better equipped to grow sustainably and foster well-being for all.
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