The forecast from WTTC’s Economic Impact Report (EIR) shows the South African Travel & Tourism sector is forecasted to grow at an average rate of 7.6% annually over the next decade, significantly outstripping the 1.8% growth rate of the country’s overall economy.

By 2032, the sector’s contribution to GDP could reach more than ZAR 554.6 billion (7.4% of the total economy), injecting nearly ZAR 287 billion into the national economy.

The sector is also expected to create more than 800,000 jobs over the next decade, to reach more than 1.9 million by 2032.

Although the data reveals a bright future for South Africa’s Travel & Tourism sector, the recovery was seriously hampered after the detection and surge of the Omicron variant.

Many countries around the world placed severe and damaging restrictions on African countries, which caused even further damage to those economies and put thousands more livelihoods at risk.

By the end of this year, Travel & Tourism’s contribution to GDP is expected to grow 37.2% year on year, to nearly ZAR 268 billion (4.3% of total economy).

Article courtesy of Insights Ehotelier – read full article here.