Travel and tourism will contribute a record $11.1 trillion to the global economy by 2024
The travel and tourism sector is expected to reach record levels this year, contributing an all-time high of $11.1 billion to the global economy, according to projections from the World Travel and Tourism Council (WTTC). This will be $770 billion above the previous record, with travel and tourism expected to generate one in every 10 dollars worldwide by 2024.
As the global sector surpasses its pre-pandemic prosperity, WTTC expects 142 countries of the 185 analyzed to surpass previous national records. Spending by international visitors is expected to be close to the 2019 peak, reaching $1.89 billion, while domestic tourists are expected to spend more than in any year on record, reaching $5.4 billion.
1. Performance in 2023
Despite economic uncertainties and geopolitical upheavals, the travel and tourism sector accounted for nearly $10 billion of the global economy last year, matching its pre-pandemic peak and proving its resilience. At just over $9.9 trillion in 2023, travel and tourism represented 9.1% of global GDP, just 4% below 2019 levels.
In a context of uncertainty, the Travel and Tourism sector continues to be a global economic powerhouse.
Julia Simpson, President and CEO of WTTC
International expenditure increased by 33.1%, reaching US$1.63 trillion, underlining a recovery for many countries around the world, with domestic expenditure increasing by more than 18%, reaching almost US$5 billion.
The growth was achieved despite two of the world’s largest tourism markets lagging behind in terms of international visitor spending, with both the US and China seeing a much slower return to international tourist spending. Last year in the U.S., international visitor spending remained more than a quarter below its 2019 peak, while visitor spending in China remained nearly 60% below.
“This is not just about breaking records, we are no longer talking about a recovery – this is a story of the sector returning to its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of people. of jobs,” said WTTC President and CEO Julia Simpson. “However, there is a risk: we need the US and Chinese governments to support their national Travel and Tourism sectors. The US and China will continue to suffer, while other countries see the return of international visitors much more quickly.”
two. 10 year perspective
Looking ahead, WTTC envisions a promising future for the next decade, characterized by robust growth and unparalleled career opportunities. By 2034, the sector will burden the global economy with 16 billion dollars, representing 11.4% of the global economic panorama.
With more than three-quarters of the countries analyzed expected to exceed the 2019 high point in terms of contribution to GDP, the WTTC says the sector is “on the cusp of its most transformative era yet, promising prosperity, innovation and connection on a scale I have yet to see.”
