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The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for Travel & Tourism in 2024, with the sector\u2019s global economic contribution set to reach an all-time high of $11.1 trillion<\/strong>.\u00a0According to the global tourism body\u2019s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770BN over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.<\/p>\n As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records.<\/p>\n In partnership with Oxford Economic, WTTC\u2019s latest EIR showcases a sector briming with opportunities, underpinning almost 348MN jobs globally. This represents an increase of more than 13.6MN jobs compared to its highest point in 2019.<\/p>\n International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89TN, while domestic tourists are forecast to spend more than in any year on record to hit $5.4TN.<\/p>\n A look back on last year<\/strong><\/p>\n Despite economic uncertainties and geopolitical shake-ups, the Travel & Tourism sector is thriving. With an economic injection of nearly $10TN, the sector matched its pre-pandemic zenith, flexing its resilience and proving its critical role in the global economy.<\/p>\n Representing 9.1% of global GDP at just over $9.9TN in 2023, Travel & Tourism\u2019s financial footprint was the largest it\u2019s been since the golden year of travel in 2019, trailing its peak by a mere 4%.<\/p>\n The sector also bolstered its workforce by an additional 27.4MN, propelling the total to nearly 330MN jobs worldwide.<\/p>\n International spending increased by 33.1% to reach $1.63TN, underscoring a vibrant comeback story for many countries around the world, with domestic spending increasing by more than 18% to reach almost $5TN.<\/p>\n 2023 set the stage, demonstrating the unwavering passion for travel, paving the way for a record-breaking year in 2024.<\/p>\n This growth comes despite two of the world\u2019s biggest tourism markets lagging in terms of international visitor spend, with both the U.S. and China seeing a far slower return of international tourist spend.<\/p>\n Last year in the U.S., international visitor spending remained more than a quarter below the peak of 2019, while China\u2019s visitor spend remained almost 60% down.<\/p>\n Julia Simpson, WTTC President & CEO, said: \u201cAgainst the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.<\/p>\n \u201cThis isn\u2019t just about breaking records, we\u2019re no longer talker about a recovery \u2013 this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs.<\/p>\n \u201cThere\u2019s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors. The U.S. and China will continue to suffer whilst other countries are seeing international visitors return much faster.\u201d<\/p>\n Travel & Tourism 10 years from now<\/strong><\/p>\n Looking ahead, WTTC is forecasting a promising future for the next decade, characterised by robust growth and unparalleled career opportunities.<\/p>\n By 2034, the sector will supercharge the global economy with a staggering $16TN, making up 11.4% of the entire economic landscape.<\/p>\n This booming industry is also set to be a job creation juggernaut, providing employment for 449MN people worldwide. Nearly 12.2% of the workforce will be powering this vibrant sector, showcasing Travel & Tourism\u2019s pivotal role in global employment.<\/p>\n With more than three quarters of the countries analysed expected to exceed the high point of 2019, in terms of GDP contribution,<\/p>\n Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we\u2019ve yet to see.<\/p>\n \u00a0<\/p>\n \u00a0<\/p>\n<\/p><\/div>\n