Travel and Tourism in 2024: $11.1 T GDP Impact Expected -WTTC

The World Travel & Tourism Council (WTTC) predicts a banner year for travel and tourism in 2024, with the sector projected to reach a record-breaking $11.1 trillion in global economic contribution.

This surpasses the previous record by a substantial $770 billion, according to the 2024 Economic Impact Research (EIR), generating roughly 10% of global GDP.

Key Highlights: 

Surpassing Pandemic Impact: The industry is expected to fully recover from the pandemic and even surpass pre-pandemic prosperity levels in 142 out of 185 analysed countries.

Job Market Boom: The WTTC in partnership with the Oxford Economic, report forecasts a significant job market boom within travel and tourism, supporting nearly 348 million jobs globally – an increase of more than 13.6MN jobs compared to its highest point in 2019.

Spending Surge: International visitor spending is expected to come within touching distance of the 2019 peak, reaching $1.89 trillion, while domestic tourists are forecast to spend more than in any year on record, hitting $5.4 trillion.

Travel and Tourism in 10 Years

The WTTC’s report predicts a period of robust growth and career opportunities within travel and tourism over the next decade:

By 2034:

• Travel & Tourism will supercharge the global economy with a staggering $16 trillion, making up 11.4% of the entire economic landscape.
• Job Market Powerhouse: The WTTC predicts travel and tourism will become a major job creator. By 2034, the industry is expected to employ a staggering 449 million people, representing nearly 12.2% of the global workforce.
• The report suggests travel and tourism is poised for its most transformative era yet. Over three-quarters of analysed countries are projected to surpass their 2019 GDP contributions through tourism.