08/05/2022
THE PHILIPPINES HAS THE WORLD'S 4TH-FASTEST GROWING TOURISM ECONOMY ๐ต๐ญ๐ต๐ญ
THE PHILIPPINES HAS THE WORLD'S 4TH-FASTEST GROWING TOURISM ECONOMY ๐ต๐ญ๐ต๐ญ
If Holy Week is any sign, tourism seems to be on the rise. According to the World Travel & Tourism Council's (WTTC) latest Economic Impact Report (EIR), the Philippines' travel and tourism contribution to the economy would be the fourth fastest-growing travel economy in the world in 2021.
According to the latest data from the EIR, Philippine tourism appears to be on the revival after a prolonged lockdown stopped flights and pushed the country into recession.
In 2021, Philippine tourism's economic contribution increased by a stunning 129.5 percent, amounting to $41 billion, or 10.4 percent of the country's total GDP. While still far below pre-pandemic levels, the data indicates that Philippine tourism is rapidly recovering.