WTTC Forecasts Global Tourism to Achieve New Milestones in 2024
GLOBAL TOURISM SETS NEW RECORDS IN 2024, WITH $11.1 TRILLION CONTRIBUTION. WTTC FORECASTS CONTINUED GROWTH AND JOB CREATION, DESPITE CHALLENGES IN KEY MARKETS.
As global tourism gears up for an unprecedented year in 2024, the World Travel & Tourism Council (WTTC) forecasts a monumental economic contribution of $11.1 trillion, solidifying its status as a key player in the global economy.
Despite global uncertainties, the tourism sector is thriving, with 142 out of 185 countries analyzed expected to surpass previous national records. An additional $770 billion fuels this growth, with travel and tourism originating one in every 10 dollars worldwide.
WTTC’s latest Economic Impact Research (EIR), in collaboration with Oxford Economics, highlights abundant opportunities within the sector, supporting nearly 348 million jobs globally—an increase of over 13.6 million compared to 2019. International visitor spending is projected to near the 2019 peak, reaching $1.89 trillion, while domestic tourism is anticipated to surpass previous records, totaling $5.4 trillion.
Global Tourism: A Look Back at 2023
In 2023, with nearly $10 trillion injected into the economy, travel & tourism sector matched pre-pandemic levels, solidifying its critical global role. It contributed 9.1% to global GDP at over $9.9 trillion. With an increase of 27.4 million jobs worldwide, international spending surged by 33.1%, reaching $1.63 trillion, while domestic spending exceeded $5 trillion.
Despite overall growth of global tourism, two major tourism markets, the U.S. and China, are experiencing slower returns in international visitor spending, posing challenges to their respective economies. WTTC President & CEO Julia Simpson urges governments, particularly in the U.S. and China, to support their national tourism sectors to avoid prolonged economic setbacks.
A Promising Future for Global Tourism
Looking ahead to 2034, WTTC forecasts even more robust growth, with the sector expected to contribute $16 trillion to the global economy and employ 449 million people worldwide, showcasing its pivotal role in global employment.
About WTTC
The World Travel & Tourism Council (WTTC) is a globally recognized organization that represents the travel and tourism industry. Established in 1990, its mission is to promote sustainable growth for the sector while advocating for policies that facilitate travel and tourism worldwide. WTTC works closely with governments, businesses, and other stakeholders to address key challenges facing the industry, such as infrastructure development, environmental sustainability, and the impact of crises like pandemics or natural disasters. Through research, advocacy, and collaboration, WTTC plays a crucial role in shaping the future of travel and tourism worldwide.
