Tourism

WTTC predicts record year for global travel and tourism sector in 2024

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The World Travel and Tourism Council (WTTC) projects a record year for Travel and Tourism in 2024, with the sector’s global economic contribution reaching an all-time high of $11.1 trillion.

In 2024, the global tourism sector is poised to make a remarkable recovery, projecting an additional contribution of $770 billion compared to its previous record, cementing its status as a major economic force. He World Travel and Tourism Council (WTTC) anticipates that 142 of the 185 countries analyzed will surpass previous national records.

Partner with Oxford Economic, WTTC rThe research highlights the growth potential of the sector, which supports almost 348 million jobs worldwide, an increase of more than 13.6 million from 2019. International and domestic spending is expected to reach 1, 89 billion dollars and 5.4 billion dollars, respectively. Despite economic uncertainties, the sector is thriving, demonstrating resilience and its critical role in the global economy.

Julia Simpson, President and CEO of WTTCsaying:

“In a context of uncertainty, the travel and tourism sector remains a global economic power.

“It’s not just about breaking records, we’re no longer talking about a recovery: this is the story of the sector that has returned to its best after a few difficult years, providing an important economic boost to countries around the world and supporting millions of people. Of jobs.

“However, there is a risk: we need the US and Chinese governments to support their domestic travel and tourism sectors. The United States and China will continue to suffer as other countries see international visitors return much faster.”

Looking to the future, WTTC forecasts a promising future for the next decade, characterized by solid growth and unparalleled career opportunities.

By 2034, the sector will boost the global economy with a staggering $16 trillion, representing 11.4% of the entire economic landscape.

This booming industry will also be a job creation giant, providing employment to 449 million people worldwide. Nearly 12.2% of the workforce will power this vibrant sector, demonstrating the critical role of Travel and Tourism in global employment.

With more than three-quarters of the countries analyzed expected to surpass the 2019 peak in terms of contribution to GDP, Travel and Tourism is on the verge of its most transformative era yet, promising prosperity, innovation and connection on a scale. that we have never seen. I still have to see.

News source: Emirates News Agency

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