According to the report an average 70,000 new jobs will be generated annually, while the sector’s contribution to UK GDP is forecast to grow at an average annual rate of 3% within the same time period.
This figure is nearly twice that of the predicted growth rate for the overall UK economy, calculated at 1.7%.
By the end of 2022 travel and tourism industry’s contribution to UK GDP is expected to grow nearly two-thirds, to nearly £214 billion amounting to 8.9% of the total economic GDP.
In the same period employment is set to grow in the sector by 0.5% to reach more than four million jobs.
In 2019, international visitor spending in the UK reached £36.4 billion, compared with £3.9 billion in 2021.
Prior to the pandemic the sector’s contribution to UK GDP was 9.9% – £234.5 billion. However this fell to 4.3%, £93.8 billion, in 2020, representing a 60% loss.
Julia Simpson, the World Travel and Tourism Council’s (WTTC) president and chief executive, said international visitor spend was “so low” it was hampering the country’s economic recovery in spite of the “bright” looking future of the sector’s revival.
“After two years of economic damage to the sector, the UK government continues to take this sector for granted. There has been no focus or understanding of how critical travel and tourism is to the UK economy,” she said.
“Smart countries are investing overseas to get visitors back. Travel and tourism can contribute 10% to the economy and yet it is not even discussed at senior levels. The UK will lose out to other European destinations if this isn’t addressed urgently.”
The report said 2021 saw the “slow beginning” of the sector’s recovery and highlighted the improvement would have been better in terms of economic contribution if it were not for the Omicron variant.
