The World Travel & Tourism Council (WTTC) has revealed the Travel & Tourism sector in Saudi Arabia is expected to grow at an average of 11% annually over the next decade, making it the fastest growing Travel & Tourism in the Middle East.
According to the forecast from WTTC’s latest Economic Impact Report (EIR), this annual growth, more than six times the 1.8% growth rate of the country’s overall economy, will bolster the economic recovery of the Kingdom.
By 2032, the Travel & Tourism sector’s contribution to GDP could reach nearly SAR 635 billion, representing 17.1% of the total economy.
The forecast also reveals Travel & Tourism employment could double over the next 10 years, creating more than 1.4 million jobs, to reach almost three million employed within the sector by 2032.
The projections for both employment and the sector’s contribution to the Kingdom’s economy, surpass the ambitious goals set out by the government’s Vision 2030 strategic framework.
By 2023, following two years of heartache, Saudi Arabia’s Travel & Tourism sector’s contribution to the national economy could surpass pre-pandemic levels, when it is projected to rise 2% above 2019 levels, to reach nearly SAR 297 billion.
Employment in the sector could also exceed 2019 levels by 14.1%, creating more than 223,000 additional jobs, representing nearly more than 1.8 million by the end of next year.
By the end of this year, the sector’s contribution to GDP is expected to grow 15.2% to nearly SAR 223 billion, amounting to 7.2% of the total economic GDP, while employment in the sector is set to grow by 16.1% to reach more than 1.5 million jobs.
According to the global tourism body, the Kingdom, due to host WTTC’s 22nd Global Summit in Riyadh from 28 November to 1 December this year, is witnessing a faster than average recovery following the government’s total commitment to the Travel & Tourism sector, ensuring it remained at the forefront of the global agenda.
Julia Simpson, WTTC President & CEO, said: “Throughout these difficult times for our sector, the Saudi Arabia government has recognised the importance of Travel & Tourism and has led the world in its recovery. Through his leadership, Travel & Tourism will become a driving force of the Saudi Arabian economy and will surpass the goals set out in its Vision 2030 blueprint.
“I would like to commend Ahmed Al Khateeb, who has shown strong leadership during this crisis which has boosted the sector’s growth with unprecedented investments and new approaches to tourism.
“I am delighted the Kingdom is hosting our 22nd Global Summit, where we will be able to continue our efforts of showcasing the importance of the Travel & Tourism sector and look ahead to the future of travel.”
Before the pandemic, Saudi Arabia’s Travel & Tourism total contribution to GDP was 9.7% (SAR 291.6 billion) in 2019, falling to just 6.6% (SAR 190.6 billion) in 2020, representing a staggering 34.6% loss.
The sector also supported nearly 1.6 million jobs, before an almost complete halt to international travel which resulted in a loss of 350,000 (22.2%), to reach just over 1.2 million in 2020.
Source: Breaking Travel News
Christine Announces Split, Kody Explodes Over Divorce in ‘Sister Wives’ Preview
Arsenal boost as Brooke Norton-Cuffy signs new deal ahead of potential loan
News: Vietnam offers free foreign language courses to tour guides
Ohio medical student dies during 102-mile bike ride for cancer research
Report of shots fired at Bronx mall unfounded, police say
PINAY OFW 2021 VIRAL VIDEO SCANDAL | GRABE NAMAN TO!!
DHS pays over $455K to build ‘security fencing’ around Biden’s beach home
7-Foot-Tall Harambe Statue Stares Down Wall Street’s Charging Bull, Which Is Now Covered in Bananas
Julia Gwyneth Ostan Issue | Julia Ostan Viral Scandal Full Video | Julia Ostan Kmjs
Stocks making the biggest moves midday: Facebook, Robinhood, FedEx and more
Two Viral Videos Show Tamil Nadu Government Govt School Students Cleaning Restrooms In Uniform
Zahir Jaffer and Noor Mukaddam Latest | Iqra Latest | Viral Videos
Viral videos of University with Sajal Ali
Florida Challenging Federal Travel Mask Mandate
Viral videos – Royal Navy carrier HMS Queen Elizabeth completes visit to Liverpool
Sport21 hours ago
WWE star Charlotte Flair looks incredible as legend prepares for her return
Sport14 hours ago
KSI vs Swarmz: Date, UK start time, live stream, TV channel, PPV price
News13 hours ago
‘To me, Liz Cheney is Obi-Wan Kenobi,’ says WaPo columnist on PBS News Hour
Sport13 hours ago
Kyle Busch, Austin Cindric involved in big Michigan crash: ‘Can’t buy a break right now’
News19 hours ago
Oregon rescuers recover body of Mt. Hood climber who died after falling 200 feet in March
Lifestyle11 hours ago
Britney Spears and Sam Asghari hit back at Kevin Federline
Travel11 hours ago
News: Ascott opens over 56% more units in 1H 2022
Sport10 hours ago
Man Utd trolled by Brighton fans after Gross fires them ahead at Old Trafford