Travel and tourism is a healthy sector with rapid growth over the next decade, according to the world's leading industry group. The World Travel and Tourism Council (WTTC) predicts a bumper year for travel and tourism in 2024, with the industry far beyond recovery and its overall contribution to the global economy expected to rise by the end of the year. It is expected to reach a record $11.1 trillion. .
One-tenth of the dollar is returned to tourism.
According to the World Tourism Organization's latest Economic Impact Research (EIR) report, travel and tourism generated 9.1% of global GDP (just over $9.9 trillion) in 2023. Despite delays in the US and Chinese markets, the industry's success last year shows that the industry is moving forward, albeit still 25% and 60% behind 2019 numbers respectively. It inspired confidence that an additional $770 billion could be added to the record books. The Council predicts that it will generate $1 in every $10 worldwide and will feel like an industry that cannot be ignored in its own right.
“Despite this backdrop of uncertainty, the travel and tourism sector remains a powerhouse of the global economy,” said Julia Simpson, WTTC President and CEO. “This is not just about breaking records. We are no longer talking about a recovery. It's a story about how we bring people together and support millions of jobs.”
US and Chinese sectors need support
Nevertheless, Simpson also called on the governments of the United States and China to support their travel and tourism sectors. Tourists from across the country will return sooner.”
The agency reports that 142 of the 185 countries analyzed are on track to surpass previous national records for travel and tourism receipts, and the sector currently employs nearly 350 million jobs worldwide. This is an increase of 13.6 million people from 2019. Domestic tourism spending is likely to hit $5.4 trillion, more than any previous annual record, likely to match 2019's record of $1.89 trillion.
Steady growth will continue over the next 10 years
The release also looks to the future and states that the sector will contribute a whopping $16 trillion (11.4%) to the global economy by 2034 and employ nearly 450 million people, or 12.2%, by then. predicts 10 years of “robust growth” and “unparalleled career opportunities.” % of the world's labor force.
