AFRICA INC.
– Rising economies, start-ups, and Black wealth, etc.
Tourism Update media summarized the World Travel & Tourism Council’s (WTTC) latest Economic Impact Report (EIR) that reveals the African travel and tourism sector is expected to create almost fourteen million new jobs over the next decade.
The positive forecast from the WTTC, which shows an average of 1,4 million new jobs every year, also reveals that the sector will lead the economic recovery in the region, with its annual GDP growth set to outpace the overall economy for the next 10 years.
According to the report, the sector’s GDP is forecast to grow at an average rate of 6,8% annually between 2022 and 2032, more than twice the 3,3% growth rate of region’s overall economy, to reach nearly US$279 billion (7,2% of the total economy).
The sector’s contribution to GDP is expected to grow 20,5% to US$144 billion by the end of 2022, amounting to 5,1% of the total economic GDP, while employment in the sector is set to grow by 3,1% this year to reach nearly twenty-two million jobs.
The global tourism body’s annual report also shows further optimism for the region’s travel and tourism GDP, which could approach pre-pandemic levels by 2023 – just 9% below 2019 levels.
Julia Simpson, WTTC President & CEO, said: “Africa is clearly bouncing back and is set to experience a significant recovery over the couple of years and, looking ahead over the next 10 years, the sector could create almost fourteen million jobs.
“However, last year the recovery was significantly impacted by Omicron, which saw many countries reinstating severe and unjustified travel restrictions on several key African destinations.”
Before the pandemic, the sector’s contribution to the region’s GDP was 6,8% (US$182,4 billion) in 2019, falling to just 3,8% (US$96,5 billion) in 2020 when the pandemic was at its height, nearly halving the contribution of such a crucial sector to the economy with a 47,1% decline.
The sector also supported more than twenty-five million jobs across the region, which after a 22,9% drop, fell to just 19,6 million in 2020.
However, looking back at 2021, WTTC’s latest EIR report reveals a year that saw the beginning of the recovery for the region’s travel and tourism sector as its contribution to GDP increased 23,5% year on year, to reach more than US$119 billion.
It also saw a recovery of 1,6 million travel and tourism jobs, representing a positive 8,2% rise to reach more than twenty-one million.
The foundation started by organizers of the Black Lives Matter movement is still worth tens of millions of dollars, after spending more than $37 million on grants, real estate, consultants, and other expenses, according to tax documents filed with the IRS.
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