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Originally posted on March 10, 2022
The Travel & Tourism sector was ravaged by COVID-19 concerns, mandated lockdowns, and international mobility restrictions. In 2020, the global Travel & Tourism industry lost USD 4.5 trillion. Hit particularly hard, the sector’s overall contribution to GDP declined by 49.1% from 10.4% in 2019 to 5.5% in 2020, compared to a global GDP decline of 3.7%. International visitor spending plummeted by 69.4%, while domestic visitor spending dropped by 45%.1
2021 has given us a glimpse into the growth potential that reduced restrictions and greater consumer confidence could provide. The US DOT reported that the volume of flights operated in 2021 was…