The sector is expected to contribute an additional $770 billion
BBN Bureau
Dubai: The travel and tourism sector’s global economic contribution set to reach an all-time high of $11.1 trillion in 2024, according to a leading industry body.
The sector is expected to contribute an additional $770 billion over its previous record, The World Travel & Tourism Council (WTTC) said in a research report. WTTC expects 142 countries of 185 analysed will be outperforming previous national records.
International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89 trillin, while domestic tourists are forecast to spend more than in any year on record to hit $5.4 trillion.
According to WTTC, this growth comes despite two of the world’s biggest tourism markets lagging in terms of international visitor spend, with both the U.S. and China seeing a far slower return of international tourist spend.
Julia Simpson, WTTC President & CEO, said: “Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.
“This isn’t just about breaking records, we’re no longer talker about a recovery – this is a story of the sector back at its best after a difficult few year, providing a significant economic boost to countries around the world and supporting millions of jobs.
“There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Sector roadmap
By 2034, the sector will supercharge the global economy with a staggering $16 trillion, making up 11.4% of the entire economic landscape, WTTC said.
In 2024, The sector bolstered its workforce by an additional 27.4 million, propelling the total to nearly 330 million jobs worldwide.
The industry is also set to be a job creation juggernaut, providing employment for 449 million people worldwide. Nearly 12.2% of the workforce will be powering this sector.
