- January 15, 2022
- Posted by: Stratford Team
- Category: Economy
The United Nation (UN) has highlighted the important role that tourism will play in the recovery of national economies and global trade in the 2022 edition of World Economic Situation and Prospects (WESP) report.
Drawing on data from the World Tourism Organisation (UNWTO), WESP underlines the sector’s importance for the world economy and particularly for developing economies, including Small Island Developing States (SIDS).
After a global contraction of 3.4% in 2020 and a rebound of 5.5% in 2021, the world economy is projected to grow by 4% in 2022 and then 3.5% in 2023. Given its importance as a major export category, prior to the pandemic tourism was the third largest in the world, after fuels and chemicals, and recognising its role as a source of employment and economic development, the sector’s recovery is expected to drive growth in every world region.
According to UNWTO Secretary-General Zurab…
