Written by Lacey Faltz
Last updated: Thursday, April 4, 2024 at 3:15 PM ET
The World Travel and Tourism Council (WTTC) predicts that 2024 will be a record year for the global travel industry, with global economic contribution and employment at an all-time high.
According to WTTC's 2024 Economic Impact Study, the industry is expected to generate one in every ten dollars worldwide and contribute $11.1 trillion to the global economy. This exceeded the previous record by $770 billion.
However, with the global travel industry booming, many countries are likely to do better this year as well. Of the 185 countries analyzed by WTTC, 142 are expected to break previous economic records.
However, this does not mean that some countries are still not lagging behind. Last year, international travelers in the United States spent more than 25 percent below pre-pandemic rates, while in China the figure was nearly 60 percent below pre-pandemic rates.
Furthermore, employment within the industry is expected to continue to grow, reaching 348 million people, 13.6 million more than in 2019.
“Despite this backdrop of uncertainty, the travel and tourism sector remains a powerhouse of the global economy,” said Julia Simpson, WTTC President and CEO. “This doesn't just mean breaking records, we're no longer talking about recovery. This is about getting the sector back to its best after a difficult few years and delivering significant economic gains to countries around the world. It's a story that gives a boost and helps millions of people's work. ”
“But there are risks, too. The U.S. and Chinese governments need to support their domestic travel and tourism sectors. The U.S. and China will continue to struggle, while other countries will see more international tourists. He'll be back soon.”
Last year was a milestone year for the travel and tourism industry. It generated just over $9.9 trillion and accounted for 9.1 percent of the world's gross domestic product. This is the highest since before the pandemic and is down just 4% compared to 2019. The sector also employed an additional 27.4 million people, creating a total of 330 million jobs.
WTTC predicts that by 2034, the industry will be worth $16 trillion and generate 11.4 percent of the global economy. It is estimated to employ 449 million people, representing more than 12 percent of the world's total workforce.
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