The World Travel & Tourism Council (WTTC) is projecting an unprecedented year ahead for the Travel and Tourism industry in 2024, with its worldwide economic impact poised to soar to a historic peak of $11.1 trillion.
According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770 billion over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.
As the global sector surpasses its pre-pandemic prosperity, the WTTC expects 142 countries out of 185 analyzed will outperform previous national records.
In partnership with Oxford Economic, WTTC’s latest EIR showcases a sector brimming with opportunities, underpinning almost 348 million jobs globally. This represents an increase of more than 13.6 million jobs compared to its highest point in 2019.
International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89 trillion, while domestic tourists are forecast to spend more than in any year on record to hit $5.4 trillion.
Image Courtesy: Julita @ Pixabay
Looking ahead, WTTC is forecasting a promising future for the next decade, characterized by robust growth and unparalleled career opportunities.
By 2034, the sector will supercharge the global economy with a staggering $16 trillion, making up 11.4 percent of the entire economic landscape.
This booming industry is also set to be a job creation juggernaut, employing 449 million people worldwide. Nearly 12.2 percent of the workforce will be powering this vibrant sector, showcasing Travel and Tourism’s pivotal role in global employment.
With more than three-quarters of the countries analyzed expected to exceed the high point of 2019, in terms of GDP contribution,
“Travel and Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see,” as per the statement.
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