Berlin, Germany, March 4, 2026. – Travel & Tourism is entering a defining decade. According to a new report from the World Travel & Tourism Council (WTTC), projected capital investment totaling US$12.5 trillion across major economies will play a decisive role in shaping competitiveness and economic growth through 2035.

The study, Bridging the Gap: Travel & Tourism Capital Investment and Demand Growth Across the G20, was unveiled at ITB Berlin and developed in partnership with Oxford Economics. It forecasts that Travel & Tourism demand across G20 countries, as well as Spain, will expand at an average annual rate of 3.3% over the next decade.

Capital investment, however, is expected to grow even faster, at a compound annual growth rate (CAGR) of 4.6% between 2025 and 2035. Despite this strong outlook, the report highlights a short-term misalignment: investment recovery is currently lagging demand, potentially leading to infrastructure pressures and localized capacity constraints.

Closing the Strategic Gap

The WTTC stresses that timing is critical. From 2033 onward, investment is projected to outpace demand growth, positioning destinations for long-term resilience, modernization, and sustainable expansion.

Among the standout performers are Germany and Spain. Germany is expected to invest US$543 billion through 2035, achieving an investment-to-demand growth ratio of 1.39, reinforcing its position as a high-quality and resilient destination.

Spain will allocate US$349 billion, investing at a pace 1.46 times faster than demand growth, strengthening its global tourism competitiveness.

Gloria Guevara, WTTC President and CEO, stated that Travel & Tourism is entering “a decisive decade for infrastructure and competitiveness,” emphasizing that countries aligning investment with future demand are securing long-term economic resilience and job creation.

The report underscores that sustained, targeted investment in infrastructure — including transport connectivity and sustainable upgrades — will be essential to unlocking the sector’s full economic potential. Continued collaboration between governments and the private sector will be critical to ensure investments deliver measurable economic returns.