The World Travel & Tourism Council (WTTC) estimates that 2024 will be a historic year for the travel and tourism industry, with a contribution to the global GDP of 11.1 trillion dollars, representing a 7.5% increase compared to the peak levels of 2019.

According to the 2024 Economic Impact Research (EIR) conducted by the WTTC in collaboration with Oxford Economics, it is expected that travel and tourism will generate an additional 770 billion dollars compared to 2019.

This means that one out of every ten dollars of the global economy will come from the travel and tourism sector.

As the global industry surpasses its pre-pandemic levels of economic contribution, the WTTC forecasts that 142 out of 185 analyzed countries will exceed their GDP contribution records this year.

According to the WTTC's annual report, the global tourism sector currently employs nearly 348 million people, representing an increase of over 13.6 million jobs since 2019.

It is expected that international visitor spending will approach 2019 levels, reaching 1.89 trillion dollars, while domestic tourism spending will surpass a historical record of 5.4 trillion dollars.

During a discussion with journalists at the annual launch of the Economic Impact Report (EIR), Julia Simpson, President and CEO of the WTTC, emphasized: "In the context of uncertainty, the travel and tourism sector remains a global economic powerhouse.

"It's not just about breaking records; we're no longer talking about a recovery: this is a story of the sector returning to its best after some challenging years, providing significant economic boost to countries around the world and supporting millions of jobs."

"However, there's a risk: we need governments of the United States and China to support their national travel and tourism sectors. The U.S. and China will suffer, while other countries are seeing international visitors return much faster."

Julia Simpson presented the report prepared by the WTTC and Oxford Economics, featuring the most updated data on the global economic and labor impact of travel and tourism.

Despite economic and geopolitical challenges, the travel and tourism sector has thrived. With an economic injection of nearly 10 trillion dollars, the sector reached its pre-pandemic levels, demonstrating its resilience and importance in the global economy.

The sector represented 9.1% of the global GDP, with just over 9.9 trillion dollars in 2023, barely 4% below the historical peak of 2019.

Additionally, 27.4 million jobs were added, bringing the global total to almost 330 million jobs.

International spending increased by 33.1% to reach 1.63 trillion dollars, marking a significant recovery for many countries, with national spending up by over 18% to approximately 5 trillion dollars.

Although two of the world's largest tourism markets, the United States and China, experienced slower recovery in international visitor spending, growth continued.

In the United States, international visitor spending was more than a quarter below the 2019 peak, while in China, it remained nearly 60% below.

Travel and tourism in the next decade

The WTTC projects a bright future for the sector in the next decade, with an expected economic contribution of 16 trillion dollars by 2034, representing 11.4% of the global GDP.

The industry is expected to generate employment for 449 million people worldwide, accounting for 12.2% of the global workforce.