THE World Travel and Tourism Council (WTTC) predicts that 2024 will be a banner year for the global travel industry, with a record level of economic contribution and employment globally.
The industry is expected to generate one in ten dollars globally, contributing $11.1 trillion to the global economy, according to WTTC's 2024 Economic Impact Study. This is $770 billion more than its previous record.
Even though the global travel industry is booming, many countries will also see much better results this year. Of the 185 countries analyzed by WTTC, 142 expect to break their previous economic records.
This does not mean, however, that some countries are not still lagging behind. Last year, spending by international visitors in the United States was more than 25% lower than before the pandemic, while in China the figure was almost 60% lower than before the pandemic. pandemic.
In addition, jobs are expected to continue to grow within the sector to reach 348 million, or 13.6 million more than in 2019.
“Amidst uncertainty, the travel and tourism sector remains a global economic powerhouse,” said Julia Simpson, President and CEO of WTTC. “It's not just about breaking records, we're not talking about recovery anymore – it's the story of a sector getting back to its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of people. jobs. »
“There is a risk, however: we need the American and Chinese governments to support their national travel and tourism sectors. The United States and China will continue to suffer while other countries will see international visitors return much more quickly. »
Last year was a watershed year for the travel and tourism industry. It generated just over $9.9 trillion and accounted for 9.1% of global gross domestic product. This is the highest level since before the pandemic, just 4% lower than in 2019. The sector also employed an additional 27.4 million people, for a total of 330 million jobs.
By 2034, WTTC predicts the industry will be worth $16 trillion, generating 11.4% of the global economy. It is expected to employ 449 million people, representing more than 12 percent of the entire global workforce.
For the latest travel news, updates and offers, subscribe to TravelPulse daily newsletter.
