Forbes
This year will set a record for travel and tourism, contributing $11.1 trillion to global GDP, a 7.5% increase over the peak levels of 2019, the World Travel & Tourism Council (WTTC) predicted.
Travel and tourism will contribute an additional $770 billion, so that 1 out of every 10 dollars generated by the global economy will correspond to the travel and tourism sector, according to the Economic Impact Research (EIR) 2024, prepared by the world tourism body in partnership with Oxford Economics.
Furthermore, the WTTC expects that 142 out of 185 countries analyzed will surpass their record contributions to GDP this year.
This is supported by the estimate that international visitor spending will reach 2019 levels, at $1.89 billion, while domestic tourism spending is expected to reach a record high of $5.4 billion.
In announcing its estimates, the WTTC highlighted that 2023 laid the groundwork for the surge in travel demand, paving the way for a record year in 2024.
He recalled that last year there was an economic injection of almost $10 trillion , bringing the sector back to pre-pandemic levels and demonstrating its resilience and fundamental role in the global economy. He added that in 2023 the tourism sector accounted for 9.1% of global GDP, with just over $9.9 trillion, its contribution only 4% below the record high of 2019. The sector also bolstered its workforce by an additional 27.4 million jobs, bringing the total to almost 330 million jobs worldwide.
“In the context of uncertainty, the travel and tourism sector remains a global economic powerhouse,” said Julia Simpson, President and CEO of the WTTC.
Travel and tourism in 10 years
The WTTC forecasts a promising future for the next decade, characterized by strong growth and unprecedented career opportunities.
It is estimated that by 2034, the sector will surpass its current contribution levels to the global economy, reaching $16 billion, representing 11.4% of the entire economic landscape.
This booming industry will also become a pillar of job creation, providing employment for 449 million people worldwide. The travel and tourism sector will thus represent 12.2% of the global workforce, the council added.
Cover photo: Emerald Beach in the Dominican Republic.
