Research by the World Travel and Tourism Council (WTTC) has revealed that this year the Canadian Travel and Tourism sector is already strong signs of recovery from the damages caused by the Coronavirus pandemic.
The same source has emphasised that during this period, the sector is expected to contribute with $162.6 billion to the Canadian economy, which represents an increase of 17.2 percent compared to last year, VisaGuide.World reports.
The WTTC forecast also shows that this sector is set to create approximately 90,000 jobs in 2023, thus recovering almost all the jobs lost due to the COVID-19 pandemic to reach 1.64 million.
According to the WTTC data, last year, the contribution of Canada’s travel and tourism sector to the country’s GDP also saw a 41.4 percent growth to reach more than $138 billion. Such a figure represents five per cent of the Canadian economy, with one in every $20 generated in Canada being generated by travel and tourism.
The sector also created 169,000 jobs in 2022, up from 2021 to reach 1.55 million jobs nationally – one in 13 jobs across Canada. So far the sector has now recovered a total of 124,000 of the 283,500 jobs lost during the coronavirus pandemic.
In the previous year, Canada also saw an increase of 64 percent in spending by international travelers to reach almost $23 billion. On the other hand, this figure is still 47 percent below the 2019 peak of $42.9 billion.
“The sector is a vital driver of economic growth and job creation in Canada with cities such as Vancouver, Toronto and Montreal remaining must-see global destinations for international visitors,” WTTC President & CEO, Julia Simpson pointed out in this regard.
Commenting on the findings of this research, Simpson also noted that given that overseas visitors continue to return to Canada, it is expected that their spending will quickly recover to reach 2019 levels in the coming years.
According to information from the worldwide tourism body, the sector is projected to boost its GDP contribution to over $238 billion this year, which would equate to seven percent of the Canadian economy. Simultaneously, nearly 2.1 million individuals across the nation are anticipated to find employment in this sector, signifying that one in 11 Canadians will be working in tourism.
Additional statistics from the WTTC show that last year, the Travel and Tourism sector in North America added $3.05 trillion to the regional economy, a figure just seven percent shy of the 2019 peak. Therefore, it is projected that this year, the sector’s contribution to the region’s GDP will completely rebound, attaining a value of $3.7 trillion.
In terms of employment, the sector employed a total of 24.7 million people across the region in 2022, marking an increase of 3.6 million from 2021, but still 1.5 billion behind the 2019 peak.
Consequently, the WTTC forecasts that by the conclusion of this year, the sector will have entirely regained the employment positions that were lost during the pandemic.
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