Impact on global GDP expected to exceed $11 trillion in 2024
Unprecedented employment figures expected in the sector
New York, United States: The World Travel and Tourism Council (WTTC) predicts a record year for travel and tourism in 2024, with the sector's global economic contribution expected to reach a record $11.1 trillion.
According to the global tourism body's 2024 Economic Impact Assessment (EIR), travel and tourism will contribute an additional $770 billion over its previous record, confirming its authority as an economic powerhouse global, generating one dollar in 10 in the world.
As the global sector surpasses its pre-pandemic prosperity, WTTC expects 142 countries out of 185 analyzed to surpass previous national records.
In partnership with Oxford Economic, WTTC's latest EIR showcases a sector brimming with opportunity, supporting nearly 348 million jobs worldwide. This represents an increase of more than 13.6 million jobs from its 2019 high point.
Spending by international visitors is expected to come close to the 2019 peak, reaching $1.89 billion, while domestic tourists are expected to spend more than any year on record to reach $5.4 billion.
Looking back at last year
Despite economic uncertainties and geopolitical upheavals, the travel and tourism sector is booming. With an economic injection of nearly $10 trillion, the sector reached its pre-pandemic peak, strengthening its resilience and proving its critical role in the global economy.
Accounting for 9.1% of global GDP at just over $9.9 billion in 2023, travel and tourism's financial footprint was the largest since travel's golden year in 2019, behind its peak of just 4%.
The sector also boosted its workforce by an additional 27.4 million, pushing the total to nearly 330 million jobs worldwide.
International spending increased 33.1% to $1.63 trillion, highlighting a dynamic return in many countries around the world, with domestic spending increasing more than 18% to nearly $5 billion.
The year 2023 led the way, demonstrating the unwavering passion for travel, paving the way for a record year in 2024.
This growth comes despite two of the world's largest tourism markets lagging in international visitor spending, with the United States and China seeing a much slower return in international tourist spending.
Last year in the United States, spending by international visitors remained more than a quarter below the 2019 peak, while spending by Chinese visitors remained down almost 60%.
Julia Simpson, President and CEO of WTTC, said: “Amidst uncertainty, the travel and tourism sector remains a global economic powerhouse.
“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 whole and supporting millions of people. jobs.
“There is a risk, however: we need the US and Chinese governments to support their domestic travel and tourism sectors. The United States and China will continue to suffer while other countries will see international visitors return much more quickly. »
Travel and tourism in 10 years
Looking ahead, WTTC foresees a bright future for the next decade, characterized by robust growth and unprecedented career opportunities.
By 2034, the sector will boost the global economy with a staggering $16 trillion, or 11.4% of the entire economic landscape.
This booming industry is also set to become an engine of job creation, providing work for 449 million people around the world. Nearly 12.2% of the workforce will work in this dynamic sector, demonstrating the central role of travel and tourism in global employment.
While more than three-quarters of the countries analyzed are expected to surpass the 2019 high point, in terms of contribution to GDP,
Travel and tourism is on the cusp of its most transformative era yet, promising prosperity, innovation and connection on a scale we have yet to see.
For more information, please see the Global factsheet 2024 here.
Editor's notes
This cutting-edge research was carried out in partnership with Oxford Economics. All values are at constant 2023 prices and exchange rates, as reported in March 2024.
