The Travel and Tourism sector will inject about $11.1 trillion into the global economy at the end of 2024 according to a new report by the World Travel & Tourism Council (WTTC).
Based on WTTC’s 2024 Economic Impact Research (EIR), this projection signifies an additional $770 billion compared to previous records, pushing the sectors status to powerhouse in the global economy.
Currently, the travel sector supports nearly 348 million jobs globally, an increase of over 13.6 million jobs compared to 2019.
Also, international visitor spending is expected to nearly match the 2019 peak, reaching $1.89 trillion, while domestic tourism expenditure is forecasted to surpass previous records, reaching $5.4 trillion.
Despite economic uncertainties and geopolitical shifts, the Travel and Tourism sector demonstrated resilience in 2023, injecting nearly $10 trillion into the global economy, equivalent to 9.1% of global GDP.
Looking ahead, WTTC forecasts the travel sector raking up to $16 trillion for the global economy by 2034, comprising 11.4% of the entire economic landscape. With 449 million people employed in the sector, representing 12.2% of the global workforce.