Global investment in tourism is not even close to its pre-pandemic level. The global tourism industry has a long way to go.
Global companies are investing in tourism projects again after taking a break during the pandemic, but they have a long way to catch up to their 2019 level, according to a report by UN World Tourism Organization and fDi Intelligence.
For the first time since 2020, global tourism investment rose in 2022: The number of new capital projects increased 23%, to 352. But that is far off from 2019, when the number of new projects hit 753.
The UN report looks at new capital projects or expansion announcements like office or hotel openings by foreign companies.
Not only are the total projects down from 2019, but the value of them is also down. The estimated value of the projects sat at $10.2 billion in 2022 – down from $60.9 billion in 2019.
Over 36,000 jobs were created from tourism investment projects in 2022, up from 30,000 in 2021. That measure was also far below 2019, when more than 120,000 jobs were created.
Western Europe topped all regions in total investment projects in 2022 at 143, which were valued at $2.2 billion. Asia-Pacific received 42 projects, which were valued at $1.2 billion.
China saw a steep decline in projects, down 60% from the year prior. Between 2020 and 2022, China was under strict lockdown.
India was responsible for 15 capital projects, making it largest source country of tourism investment in the region.
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Photo credit: Tourism investment was valued at $10.2 billion in 2022, down from $60.9 billion in 2019. engin akyurt / Unsplash