Travel and Tourism Market - Forecast (2022 - 2027)
The global Travel and Tourism Market is estimated to surpass $8.9 trillion mark by 2026 growing at an estimated CAGR of more than 3.1% during the forecast period 2021 to 2026 . Globally, the tourism industry contributed to $8.9 trillion to the global GDP in 2019 equalling a contribution of 10.3%. However, In the midst of the worldwide Covid-19 pandemic, demand growth ceased in 2020. Travel and tourism have been one of the most affected industries from the very beginning of the outbreak of the virus, with airlines on the ground, hotels closing and travel controls enforced. In the first quarter of 2020, the pandemic limited international visitor arrivals to a fraction of what they were one year before. The financial forecast published in June by the International Air Transport Association (IATA) revealed that airlines are projected to lose $84.3 billion globally in 2020 with a net profit margin of -20.1 percent. It also reported that from $838 billion in 2019, profits...