The travel industry is expanding significantly this year as it bounces back from the COVID-19 pandemic-led damages. According to the United Nations World Tourism Organization (UNTWO), international tourism is on track to reach 65% of pre-pandemic levels by the end of this year. Approximately 700 million tourists traveled internationally between January and September, more than double the number recorded for the same period last year.
Moreover, investors are gaining confidence as holiday reservations keep steady despite mounting pressure on household budgets from high inflation, increasing energy costs, and rising mortgage rates.
According to the International Monetary Fund, pent-up demand for travel is fuelling strong growth, which is expected to surpass the global Gross Domestic Product (GDP) in 2023. Arnold Donald, chairman of the World Travel & Tourism Council (WTTC), said that the travel industry is expected to enjoy a growth of up to 5%, compared to 2.7% GDP growth.
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