The World Travel & Tourism Council's (WTTC) latest Economic Impact Report found Italy's travel and tourism industry could nearly reach pre-pandemic levels by 2023, with an estimated 0.3 percent difference from 2019.
The travel and tourism industry in Italy could contribute €194 billion to the country's GDP next year, with employment quickly rising to meet the soaring needs, matching pre-pandemic levels of employment.
The report also predicted that the industry will grow an average of 2.5 percent annually over the next decade, growing employment by more than 53,000 new jobs each year. The 2.5 percent growth in travel and tourism dwarfs Italy's overall average growth rate of its economy, which is currently at 0.5 percent. The industry is expected to be worth over €226 billion by 2032.
This year, the industry's GDP is predicted to grow 8.7 percent, representing just under 10 percent of the country's total GDP for the year. Employment is predicted to grow 2 percent this year, employing nearly 2.7 million people.
By comparison, in 2019 the industry's contribution to the country's GDP was 10.6 percent. Nearly 2.9 million Italians were employed in the industry during what is now considered the height of the country's industry prior to the pandemic.
"The pandemic was catastrophic for Italy's travel & tourism sector, wiping billions from the economy as businesses collapsed, and thousands of people lost their jobs," said Julia Simpson, WTTC President & CEO. "After two very difficult years, the outlook is now much brighter. Travel & Tourism's projections provide a massive boost, not only to Italy's overall economy, but to the creation of new jobs."
The report noted that the country's travel and tourism recovery was slowed somewhat due to the Omicron variant in late 2021.
What could hasten the country's recovery is the highly anticipated summer travel boom in Europe; in preparation, the country has already relaxed its COVID-19 entry requirements earlier in May, along with Greece.
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To view Italy's Economic Impact Report or any other country's report, please click here.
