The World Travel & Tourism Council (WTTC) anticipates a historic milestone for the travel and tourism sector in 2024 and forecasts its global economic contribution to soar to $11.1 trillion, a figure surpassing all previous records, according to WTTC's 2024 Economic Impact Research, conducted in collaboration with Oxford Economic.
According to the report, the travel and tourism is poised to inject an additional $770 billion into the global economy compared to its previous record, solidifying its status as a dominant force in the world economy. WTTC's analysis indicates that 142 out of 185 countries examined are expected to outperform their previous national records. The sector's growth is also reflected in job creation, with WTTC estimating a global workforce of almost 348 million jobs, an increase of more than 13.6 million compared to 2019.
International visitor spending is projected to approach the peak levels of 2019, reaching $1.89 trillion, while domestic tourism expenditure is expected to surpass previous records, reaching $5.4 trillion.
"Against the backdrop of uncertainty, the travel and tourism sector remains a global economic powerhouse,” said Julia Simpson, president and CEO for WTTC. “This isn’t just about breaking records, we’re no longer talking about a recovery — this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs."
Simpson further underscored the significance of government support for the sector, particularly in key markets such as the U.S. and China, which have experienced slower returns in international visitor spending.
"We need the U.S. and Chinese governments to support their national travel and tourism sectors," she said. "The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Looking toward the future, WTTC envisions a decade of robust growth and extensive career opportunities for the sector. By 2034, WTTC forecasts a remarkable contribution of $16 trillion to the global economy, comprising 11.4% of the entire economic landscape. Furthermore, the sector is expected to provide employment for approximately 449 million people worldwide, showcasing its pivotal role in global employment. The majority of countries are anticipated to exceed their pre-pandemic GDP contributions by this time.
Editor’s Note: This article was generated by AI, based on a press release distributed by WTTC.
