Global Travel & Tourism sector to reach record-breaking economic contribution in 2024

In 2024, the World Travel & Tourism Council (WTTC) predicts that the global economic contribution of the Travel & Tourism sector will reach a record-breaking $11.1 trillion, with an additional $770BN over its previous record.

Key Takeaways

The global Travel & Tourism sector is projected to reach a record-breaking economic contribution of $11.1 trillion in 2024, showcasing its resilience and significance in the global economy.
The sector is expected to generate unprecedented job numbers, with an increase of more than 13.6 million jobs compared to its highest point in 2019, highlighting its pivotal role in global employment.
Despite challenges, the sector is poised for robust growth in the next decade, with a forecasted contribution of $16 trillion to the global economy by 2034, promising prosperity and innovation on an unprecedented scale.

This growth is expected to generate unprecedented job opportunities, with the sector set to support almost 348MN jobs globally. Despite challenges, the sector has shown resilience, matching its pre-pandemic levels in 2023 and is projected to break records in 2024.

Looking ahead, WTTC forecasts continued robust growth, predicting a global economic impact of $16TN by 2034 and creating employment for 449MN people worldwide. However, concerns remain about the slow return of international tourist spend in the U.S. and China, and the need for support from their respective governments.