The World Travel & Tourism Council (WTTC) has unveiled its projections for a groundbreaking year in 2024, anticipating unparalleled growth and economic impact within the Travel & Tourism sector. According to WTTC’s 2024 Economic Impact Research (EIR), the sector is poised to achieve a record-breaking global economic contribution of $11.1 trillion, surpassing its previous zenith and solidifying its position as a formidable global economic force, accounting for one in every ten dollars worldwide.
In collaboration with Oxford Economics, WTTC’s latest EIR paints a picture of a sector teeming with opportunities, set to generate approximately 348 million jobs globally, an increase of over 13.6 million jobs compared to its pre-pandemic peak in 2019. International visitor spending is projected to approach the levels seen in 2019, reaching $1.89 trillion, while domestic tourism expenditure is expected to surpass all previous records, reaching $5.4 trillion.
Despite economic uncertainties and geopolitical challenges, the Travel & Tourism sector showcased remarkable resilience in 2023, matching its pre-pandemic peak with an economic injection of nearly $10 trillion. Representing 9.1% of global GDP, the sector’s financial footprint was the largest since 2019, underscoring its critical role in the global economy. Moreover, the sector added 27.4 million jobs, bringing the total workforce to nearly 330 million worldwide.
The growth witnessed in 2023 laid the foundation for what promises to be a record-breaking year in 2024. However, challenges persist, particularly in the two largest tourism markets, the U.S. and China, where international visitor spending has been slower to rebound. Despite this, WTTC President & CEO Julia Simpson remains optimistic about the sector’s resilience and its ability to provide a significant economic boost to countries worldwide.
Looking ahead to the next decade, WTTC forecasts continued robust growth and unprecedented career opportunities within the Travel & Tourism sector. By 2034, the sector is projected to contribute a staggering $16 trillion to the global economy, accounting for 11.4% of the entire economic landscape. Moreover, it is expected to employ 449 million people worldwide, showcasing its pivotal role in global employment.
With the majority of countries expected to exceed their pre-pandemic GDP contributions, Travel & Tourism stands on the cusp of its most transformative era yet, promising prosperity, innovation, and connectivity on a scale unprecedented in history. For further details, the World Factsheet 2024 is available for reference.
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