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Strong Signs of Recovery for Travel & Tourism in Canada

Strong Signs of Recovery for Travel & Tourism in Canada

The Canadian travel and tourism industry continues to show significant indications of post-pandemic recovery, according to the World Travel & Tourism Council's (WTTC) 2023 Economic Impact Research (EIR).

The industry is expected to generate $162.6 billion for the Canadian economy this year, increasing 17.2% from last year and close to the historical peak of $173.9 billion in 2019. This is according to the most recent EIR.

Additionally, according to WTTC's prediction, the travel and tourism industry will generate 90,000 new employment this year, bringing the total number of jobs created since the COVID-19 epidemic to 1.64 million.

Additionally, employment levels are not far from their peak for 2019 at this moment.

A look back on last year

The GDP contribution of the travel and tourism industry increased by 41.4% to reach more than $138 billion last year, accounting for 5% of the Canadian economy and one in every 20 dollars produced in Canada.

Additionally, the industry added 169,000 employment from the year before in order to reach 1.55 million jobs nationwide in 2017—one in every 13 jobs in Canada.

Of the 283,500 jobs lost during the epidemic, 124,000 have since been restored in the industry.

The number of foreign tourists returning to Canada increased last year, and their spending increased by 64% to approximately $23 billion.

However, this is still 47% below the 2019 peak of $42.9 billion.

Julia Simpson, WTTC President & CEO, said: “Travel & Tourism is recovering strongly in Canada with high visitor demand.

“The sector is a vital driver of economic growth and job creation in Canada with cities such as Vancouver, Toronto and Montreal remaining must-see global destinations for international visitors.

“As overseas visitors continue to return to Canada, we will see international visitor spending recovering quickly, to reach 2019 levels in the coming years.”

What does the next decade look like?

The international tourist organisation projects that the industry will increase its GDP contribution to more than $238 billion by 2033, accounting for 7% of Canada's economy and employing close to 2.1 million people nationwide, or one in every eleven Canadians.

North America

Just 7% off its high in 2019, the North American travel and tourism industry contributed $3.05 trillion to the local economy in 2022. According to WTTC, the sector's contribution to the region's GDP would exceed $3.7 trillion in 2023 after completely recovering.

In 2022, the sector employed 24.7 million people in the region, up 3.6 million from the year before but 1.5 billion below the high in 2019. By the end of 2023, according to WTTC's prediction, the industry will have entirely replaced the employment lost to the pandemic.

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