Travel is a major component of the global economy. See how it connects everything.

Travel and Tourism are so important to the global economy. Expect stimulants.
COVID-19 Back to blog

As soon as the time is right, we can expect that there will be a major global effort to reboot Travel and Tourism. When Tourism and Travel experience a downturn it has a domino effect on countries and communities.

Tourism is also frequently concentrated in non-industrial areas, so it is powerful as a stimulator of regional development.

In 2019, Travel & Tourism’s direct, indirect and induced impact accounted for

  • an $8.9 trillion contribution to the world’s GDP
  • 10.3% of global GDP
  • 330 million jobs, that is 1 in 10 jobs around the world
  • In Ireland, tourism is estimated to be valued over €9.4 billion and helps underpin approximately 260,000 jobs.

Here is a 90-second video by the World Travel and Tourism Council. It shows the domino effect on the world economy when travel experiences a downturn. It is also why it will be a priority sector for all governments to support, and it will be key to bringing about global economic recovery.

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