Saudi Arabia and China are investing heavily in the travel and tourism economy. But Canada is just beginning to catch up after years of cutbacks, according to The World Travel & Tourism Council (WTCC).
The WTTC annual Economic Impact Report highlights the changes and growth taking place worldwide in the travel and tourism sector. It also projects travel & tourism investment of the G20 countries to present a look at how the world’s largest economies are focusing on the industry.
“The ongoing global pandemic saw the destination curtail its investment, but this year Saudi Arabia is projected to invest nearly $50 billion dollars in the travel and tourism sector and will likely exceed that by 2025. Furthermore, by 2027 projections see Saudi Arabia investing over $60 billion in the travel & tourism sector.”
The WTTC says Canada’s investment in the travel and tourism sector “peaked in 2016 when the country topped $20 billion in investment. Subsequent years saw significant decreases and by 2021 investment was down to approximately $10 billion. But the country is projected to invest incrementally more over the next few years and is projected to reach $20 billion in investment by 2030.”
Projections show that in 2025 China and India will be the only countries to see more than 10% in annual change.
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