2024 is set to be a historic year for travel and tourism as per WTTC’s forecast, with global contributions expected to peak at $11.1 trillion.
- The sector aims to boost the global economy significantly, generating one in every ten dollars worldwide.
- A promising future is predicted, as 142 out of 185 countries are expected to surpass previous records.
- Employment in travel and tourism will rise, adding more than 13.6 million jobs compared to the pre-pandemic era.
- The US and China face challenges, with recovery in these countries lagging behind others.
The World Travel & Tourism Council (WTTC) anticipates a record-breaking 2024 for the travel and tourism industry. The sector’s global economic contribution is forecasted to achieve an unprecedented level of $11.1 trillion. This achievement underlines the industry’s potential as a pivotal economic driver, aiming to generate one in every ten dollars worldwide.
According to WTTC’s 2024 Economic Impact Research, produced in collaboration with Oxford Economics, 142 countries, out of the 185 analysed, are on track to outperform their previous national records. The report sheds light on the sector’s resilience and its significant role in revitalising the post-pandemic global economy.
The travel and tourism sector stands out as a substantial employment generator, accounting for nearly 348 million jobs globally. This marks an increase of over 13.6 million jobs from its previous peak in 2019, reinforcing its role as a key player in global job creation.
International visitor spending is projected to rebound to near 2019 levels at $1.89 trillion. Meanwhile, domestic tourism spending is expected to hit a record $5.4 trillion, pointing to a robust recovery in local travel dynamics.
Julia Simpson, WTTC president and chief executive, highlighted the sector’s recovery strength despite global uncertainties, stating, “Against the backdrop of uncertainty, the travel and tourism sector remains a global economic powerhouse.”
However, there are significant challenges faced by the US and China. The WTTC has highlighted the risks to these countries’ travel sectors, urging their governments to support the industry adequately. International visitor spending in the US remains over 25% below its 2019 peak, while China’s figures are down by almost 60%.
The outlook for the coming decade is described as ‘promising’, with expectations of ‘robust growth and unparalleled career opportunities.’ By 2034, the industry is projected to further bolster the global economy by contributing a staggering $16 trillion, accounting for 11.4% of the global economic framework.
This anticipated expansion positions the travel and tourism sector as a prospective ‘job creation juggernaut’, poised to employ 449 million people worldwide.
The 2024 forecast by WTTC signals a bright future for travel and tourism, driven by strong economic contributions and job growth.
