The World Travel and Tourism Council (WTTC) estimates that 2024 will be a record year for travel and tourism, contributing $11.1 trillion to global GDP, an increase of 7.5% over the maximum levels of 2019.
According to the Economic Impact Research (EIR) 2024, prepared by the global tourism body in association with Oxford Economics, travel and tourism will contribute an additional $770 billion, compared to the 2019 figure.
In this way, one of every 10 dollars generated by the world economy corresponds to the travel and tourism sector.
As the global sector exceeds its contribution levels to the economy, compared to pre-pandemic figures, the WTTC expects that 142 countries of the 185 analyzed will surpass their contribution records to GDP during this year.
According to the WTTC's annual EIR, the global tourism sector is currently responsible for almost 348 million jobs worldwide. This represents an increase of more than 13.6 million jobs, compared to its peak in 2019.
Likewise, international visitor spending is expected to reach 2019 levels, at $1.89 trillion, while domestic tourism spending is expected to reach an all-time high of $5.4 trillion.
A look back to 2023
Despite economic uncertainties and geopolitical shocks, the travel and tourism sector continues to thrive. With an economic injection of almost 10 trillion dollars, last year the sector equaled its pre-pandemic levels, demonstrating its resilience and its fundamental role in the global economy.
Additionally, the tourism sector represented 9.1% of global GDP, at just over $9.9 trillion, with the sector's contribution just 4% below the all-time high in 2019.
The sector also bolstered its workforce by an additional 27.4 million jobs, boosting the total to nearly 330 million jobs worldwide.
International spending increased by 33.1% to reach $1.63 trillion, underscoring a significant recovery for many countries around the world, with domestic spending increasing by more than 18% to approach $5 trillion. of dollars.
In this way, 2023 set the stage to demonstrate the momentum in travel demand, paving the way for a record year in 2024.
This growth comes despite two of the world's largest tourism markets lagging in terms of international visitor spending, with both the United States and China seeing a much slower return in international tourism spending.
Last year in the United States, spending by international visitors remained more than a quarter below the 2019 peak, while spending by visitors from China remained almost 60% below.
Julia Simpson, president and CEO of WTTC, said: “Amidst uncertainty, the travel and tourism sector remains a global economic powerhouse.
“This is not just about breaking records, we are no longer talking about a recovery – this is a story of the sector returning to its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions Of jobs".
“However, there is a risk: we need the US and Chinese governments to support their domestic travel and tourism sectors. The US and China will suffer, while other countries are seeing international visitors return much faster.”
Travel and Tourism 10 years from now
The WTTC forecasts a promising future for the next decade, characterized by solid growth and unprecedented career opportunities.
It is estimated that by 2034, the sector will exceed its contribution levels to the world economy with 16 trillion dollars, which will represent 11.4% of the entire economic panorama.
This booming industry will also become a pillar for job creation, providing employment to 449 million people worldwide. In this way, 12.2% of the workforce will be represented by the travel and tourism sector.
Source: WTTC.