WTTC: China to Create 30 Million Jobs by 2032
The World Travel & Tourism Council (WTTC) has revealed the travel and tourism sector in China is expected to create more than 30 million jobs over the next decade, representing a quarter of all new jobs globally.
The forecast from WTTC’s latest Economic Impact Report (EIR) shows the sector will reach more than 107 million employed within the sector by 2032.
According to the global tourism body’s latest data, travel and tourism’s GDP is expected to grow at an average of 9.7% over the next 10 years, more than twice the 4.4% growth rate of the national overall economy, making it one of the fastest growing countries.
This growth will boost the sector to reach more than ¥25.2 trillion (13.7% of the total economy) by 2032.
The report shows the travel and tourism sector’s contribution to China’s economy could also surpass pre-pandemic levels next year, when it is projected to rise almost 10% above 2019 levels.
By the end of 2023, the sector’s contribution to the national economy could reach more than ¥ 13 trillion, with a year-on-year growth of more than 32%.
Employment within the sector could also exceed pre-pandemic levels, creating more than 766,000 additional jobs, to reach more than 83 million by the end of 2023.
WTTC warns that this will only be achieved if China continues to facilitate both international and domestic travel.