The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion.
In 2024, the global tourism sector is poised to make a remarkable comeback, projecting an additional $770 billion contribution compared to its previous record, solidifying its status as a major economic force. The World Travel & Tourism Council (WTTC) anticipates 142 out of 185 analyzed countries will surpass previous national records.
Partnering with Oxford Economic, WTTC's research highlights the sector's growth potential, supporting nearly 348 million jobs globally, an increase of over 13.6 million from 2019. International and domestic spending are expected to reach $1.89 trillion and $5.4 trillion respectively. Despite economic uncertainties, the sector thrives, demonstrating resilience and its pivotal role in the global economy.
Julia Simpson, WTTC President & CEO, said:
“Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.
“This isn’t just about breaking records, we’re no longer talker about a recovery – this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs.
“There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Looking ahead, WTTC is forecasting a promising future for the next decade, characterised by robust growth and unparalleled career opportunities.
By 2034, the sector will supercharge the global economy with a staggering $16tn, making up 11.4% of the entire economic landscape.
This booming industry is also set to be a job creation juggernaut, providing employment for 449MN people worldwide. Nearly 12.2% of the workforce will be powering this vibrant sector, showcasing Travel & Tourism’s pivotal role in global employment.
With more than three quarters of the countries analysed expected to exceed the high point of 2019, in terms of GDP contribution, Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see.
News Source: Emirates News Agency
