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The World Travel & Tourism Council (WTTC) has predicted a banner year for the travel and tourism sector in 2024, with the industry’s global economic contribution expected to reach a whopping $11.1tn trillion – an all-time high.
The strong performance in 2023, with a 9.1 per cent share of global GDP and a workforce of nearly 330 million, set the stage for a record-breaking 2024.
The WTTC’s latest 2024 Economic Impact Research (EIR), brought out in partnership with Oxford Economics, has forecast a $770bn increase over the previous record.
Of the 185 countries analysed in the report, 142 are expected to surpass their pre-pandemic tourism peaks.
The sector is also projected to support nearly 348 million jobs globally, exceeding 2019’s peak by over 13.6 million.
International travel spend sees a rebound
International visitor spending is expected to reach $1.89tn, nearing the 2019 peak, while domestic tourism spending is forecast to hit a record high of…