Recovery of Asian destinations expected to underpin full recovery by end of 2024

-TravelWorld.com The most recent data from the United Nations World Tourism Organization (UNWTO) underscores the economic implications of the ongoing recovery in the tourism sector. Preliminary estimates reveal that international tourism receipts for the year 2023, amounted to USD 1.4 trillion, representing approximately 93 per cent of the earnings recorded by destinations in 2019, which stood at USD 1.5 trillion. Moreover, the total export revenues from tourism, inclusive of passenger transport, are projected to be USD 1.6 trillion in 2023, nearly 95 per cent of the USD 1.7 trillion reported in 2019.

In terms of the economic contribution of tourism, as measured by tourism direct gross domestic product (TDGDP), preliminary estimates, indicate a figure of USD 3.3 trillion in 2023, constituting 3 per cent of the global GDP. It points towards a notable recovery in TDGDP from the pre-pandemic levels, propelled by robust performance in both domestic and international tourism.

According to the first UNWTO, World Tourism Barometer of the year, international tourism ended 2023 at 88 per cent of pre-pandemic levels, with an estimated 1.3 billion international arrivals. The unleashing of remaining pent-up demand, increased air connectivity, and a stronger recovery of Asian markets and destinations are expected to underpin a full recovery by the end of 2024.