WTTC Forecasts Travel & Tourism Job Growth by 2035

The World Travel & Tourism Council (WTTC) forecasts a significant surge in employment within the global Travel & Tourism sector, projecting an creation of 15 million new jobs by 2035. This outlook is detailed in the WTTC’s latest Economic Impact Research (EIR) report, which underscores the sector’s crucial role in global economic growth and job creation.

The forecast indicates that the Travel & Tourism sector will employ a total of 430 million people worldwide by 2035. This substantial growth highlights the sector’s resilience and its expanding contribution to national economies across the globe.

Economically, the WTTC report predicts that the Travel & Tourism sector’s contribution to global GDP will grow by an average of 5.4% annually over the next decade. This growth rate is projected to significantly outpace the 2.7% annual growth forecast for global GDP. The sector’s value, which stood at almost $11.1 trillion in 2024, is expected to reach $15.5 trillion by 2035.

Future Projections and Economic Impact

By 2035, the Travel & Tourism sector is anticipated to account for 11.6% of the global economy, solidifying its position as a major economic force. The report also suggests that by this time, one in every nine jobs globally will be within the Travel & Tourism industry, further emphasizing its widespread employment impact.

The sector demonstrated robust performance in 2023, with its contribution to global GDP reaching nearly $10 trillion, just shy of the record levels seen in 2019. Employment figures also showed positive trends, with 330 million jobs in 2023, growing to 348 million jobs in 2024. This consistent recovery and growth trajectory are key drivers behind the optimistic long-term forecasts.

Call to Action for Governments

Julia Simpson, WTTC President & CEO, highlighted the sector’s potential, stating that its growth means more jobs and a stronger economy. She urged governments worldwide to recognize the significant opportunities presented by Travel & Tourism. Simpson called for strategic investments in sustainable tourism practices, enhanced infrastructure, and the development of a skilled workforce to fully capitalize on the sector’s future growth and ensure its long-term viability.

Key Points

• 15 million new jobs forecasted by 2035
• Total 430 million jobs globally by 2035
• 5.4% annual growth in economic contribution over the next decade
• 2.7% global GDP growth forecast
• $11.1 trillion sector value in 2024
• $15.5 trillion projected sector value by 2035
• 11.6% of the global economy by 2035
• One in nine jobs globally by 2035
• Almost $10 trillion contribution to global GDP in 2023
• 2019 was the peak for GDP contribution
• 330 million jobs in 2023
• 348 million jobs in 2024

Read the Complete Article.