The World Travel and Tourism Council’s (WTTC) Travel and Tourism Economic
Impact 2023 Global Trends Report, has revealed an encouraging resurgence in
travel and tourism investment, overcoming pandemic setbacks and signaling a
strong return to growth.
In a report WTTC said from 2010-2019, investment grew steadily at 4.3% CAGR,
growing from $754.6 billion in 2010 to $1.1 trillion in 2019, or 4.5% of all
economy-wide investment. COVID-19 hit hard, leading to a 24% decline in 2020
and a further 8% in 2021.
However, 2022 marked a turning point.
Spurred by the global phenomenon of pent-up demand, travel and tourism
investment surged to $856 billion, up 11.1% from the previous year. Although this
was 22.5% short of 2019 levels, this was still 53% higher in 2022, than it was in
2000.
The WTTC said the Caribbean has seen substantial growth in attracting vital
investments in tourism during this period with Antigua and Barbuda fully amid this
growth.
“Island destinations led the top spots for travel & tourism investment as a total
percentage share of their economies in 2022. The U.S. Virgin Islands led the way
channeling 35% of total economic investment into travel and tourism, followed
closely by Antigua & Barbuda at 34% and Aruba at almost 32%,” the report stated.
Prime Minister Gaston Browne has said that Antigua and Barbuda has led the way
in terms of investments in tourism based on its per capita. Led by the billion-dollar
investment in Barbuda by PLH, PM Browne said other investments in the sector
have come from a deliberate policy by his administration to attract more
investments and to create an enabling environment within which these investments
may thrive and grow.
“Investment in travel and tourism is not just a numbers game; it is the heartbeat of
global connectivity and economic revival,” said Julia Simpson, president/CEO, of
WTTC. “Despite the setbacks from the pandemic, 2022’s growth is a promising
sign of what’s to come. Investment in travel and tourism is integral to the world’s
recovery and growth. The sector’s resilience and potential for innovation continue
to drive us forward. We remain confident, yet vigilant, in our pursuit of a brighter,
more connected global future.”
