The sector is expected to surpass pre-pandemic levels by 2023
According to new research from The World Travel & Tourism Council (WTTC), the travel and tourism sector in Saudi Arabia is expected to grow at an average of 11% annually over the next decade, making it the fastest growing travel and tourism sector in the Middle East.
The WTTC’s latest Economic Impact Report (EIR) revealed that the annual growth, more than six times the 1.8% growth rate of the country’s overall economy, will bolster the economic recovery of the kingdom.
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By 2032, the travel and tourism sector’s contribution to GDP could reach nearly SAR635 billion, representing 17.1% of the total economy.
The forecast also revealed that employment in the sector could double over the next 10 years, creating more than 1.4 million jobs.
Almost three million people will be employed within Saudi's travel and tourism sector by 2032
Commenting on the findings, WTTC president and CEO Julia Simpson said: “Throughout these difficult times for our sector, the Saudi Arabia government has recognised the importance of travel and tourism and has led the world in its recovery. Through its leadership, travel and tourism will become a driving force of the Saudi Arabian economy and will surpass the goals set out in its Vision 2030 blueprint.
“I would like to commend the Saudi Minister of Tourism, Ahmed Al Khateeb, who has shown strong leadership during this crisis, which has boosted the sector’s growth with unprecedented investments and new approaches to tourism.”
Saudi Arabia will host WTTC’s 22nd Global Summit in Riyadh from 28 November to 1 December 2022.
For more information, visit www.wttc.org