2024-04-10 11:53:33
The World Travel and Tourism Council (WTTC) predicts a record year for travel and tourism in 2024, with the industry’s global economic contribution reaching an all-time high of $11.1 trillion.
According to the 2024 Economic Impact Research (EIR), the tourism and travel industry will contribute an additional $770 billion over its previous record, sealing its global economic momentum, generating one in $10 globally.
As the global sector surpasses its pre-pandemic prosperity, the WTTC expects 142 of the 185 countries analyzed to surpass previous national records.
In collaboration with Oxford Economic, WTTC’s latest EIR showcases an industry full of opportunities, supporting nearly 348 million jobs worldwide. This represents an increase of more than 13.6 million jobs compared to the high point of 2019.
International visitor spending is expected to peak in 2019, reaching $1.89 trillion. $, while in domestic travel expenses are predicted to be higher than any previous record and to reach $5.4 trillion.
A look back at the past year
Despite economic uncertainties and geopolitical turmoil, the Travel and Tourism sector is thriving, WTT emphasizes. The sector reached the zenith of its returns, with 10 trillion. dollars, before the pandemic, improving its resilience and proving its critical role in the global economy.
Representing 9.1% of global GDP, with just over 9.9 trillion $ in 2023, Travel & Tourism’s financial footprint was the largest since the golden year of travel in 2019, slightly lagging by 4%.
The industry also added an additional 27.4 million to its workforce, bringing the total to nearly 330 million jobs worldwide.
International spending increased by 33.1% reaching 1.63 trillion. $ in 2023, bringing a lot of smiles to many countries around the world, which returned sharper on the tourist map. Domestic spending also increased by more than 18% to nearly $5 trillion.
2023 laid the groundwork, cementing the passion for travel, paving the way for a record year in 2024, WTTC highlights.
This growth comes despite two of the world’s largest tourism markets lagging behind in international visitor spending, with the US and China seeing much slower growth in international tourism spending.
Last year in the US, international visitor spending remained more than a quarter below the 2019 peak, while Chinese visitor spending remained down nearly 60%.
Julia Simpson, President & CEO of WTTC, said: “Against a backdrop of uncertainty, the Travel and Tourism sector remains a global economic powerhouse. This is not just a record breaking story, we are no longer talking about a recovery – this is a story of an industry that has returned to its best after a few difficult years, providing a significant economic boost to countries around the world and supporting millions of jobs.
“There is, however, a risk, we need the US and Chinese governments to support their national Travel and Tourism sectors. The US and China will continue to suffer, while other countries are seeing international visitors return much faster.”
Travel & Tourism 10 years from now
Looking ahead, WTTC foresees a promising future for the next decade, characterized by strong growth and unparalleled career opportunities.
By 2034, the industry will contribute a staggering $16 trillion to the global economy. dollars, which will constitute 11.4% of the total GDP.
This booming industry is also set to be a driver of job creation, providing employment to 449 million people worldwide. Tourism will employ 12.2% of the workforce, highlighting the sector’s central role in global employment.
More than three-quarters of the countries analyzed are expected to surpass the 2019 high point in terms of GDP contribution. The tourism and travel industry is facing its most transformative era yet, promising prosperity, innovation and connectivity on a scale never seen before.
Source of RES-EMP