The World Travel and Tourism Council (WTTC) predicts that 2024 will be a historic year for the travel and tourism industry, with a global economic contribution reaching a record high of $11.1 trillion. This remarkable growth means that the sector will generate one in every ten dollars in the world economy, establishing itself as a vital economic engine.

According to the WTTC's economic impact research in collaboration with Oxford Economics, the sector will not only reach new records in terms of GDP contribution but also is expected to support around 348 million jobs globally. This represents a significant increase of 13.6 million jobs compared to the peak of 2019. Julia Simpson, President and CEO of the WTTC, highlighted the sector's resilience and fundamental role in the global economy, emphasizing that it is no longer about recovery but a return to the sector's best shape after challenging years.

International tourist spending is expected to reach $1.89 trillion, nearing the peak levels of 2019. On the other hand, domestic tourist spending is projected to surpass all previous records, reaching $5.4 trillion. This positive trend underscores the growing demand for travel both internationally and domestically.

Performance in Latin America and the Caribbean

Particularly in Mexico, the WTTC estimates that the sector will contribute $264 billion to the GDP in 2024, an increase of 3% compared to 2019 levels. Additionally, international visitor spending is expected to exceed $34 billion, while domestic tourism spending is projected to reach a historic record of over $198 billion. Julia Simpson and Virginia Messina, Senior Vice President of the WTTC, have emphasized the importance of strengthening cooperation with representatives of the Mexican tourism sector to maintain this growth.

Looking ahead, the WTTC forecasts robust growth and unprecedented professional opportunities for the next decade. It is estimated that by 2034, the travel and tourism sector will contribute $16 trillion to the global economy, representing 11.4% of global GDP. This growth will be accompanied by the creation of 449 million jobs, demonstrating the sector's crucial role in the global economy and employment.

The year 2024 is shaping up to be a transformative year for the travel and tourism sector, with expectations of record highs in economic contribution and job creation. The sector's resilience and recovery promise a prosperous and opportunity-filled future.