In 2024, the World Travel & Tourism Council (WTTC) predicts that the global economic contribution of the Travel & Tourism sector will reach a record-breaking $11.1 trillion, surpassing its previous high by an additional $770 billion. Here are the key points:
- The global Travel & Tourism sector is projected to make a historic economic contribution of $11.1 trillion in 2024, highlighting its resilience and importance in the global economy.
- The sector is anticipated to create a significant number of jobs, with an estimated increase of over 13.6 million jobs compared to its peak in 2019, underscoring its crucial role in worldwide employment.
- Despite facing challenges, the sector is expected to experience strong growth over the next decade, with a forecasted contribution of $16 trillion to the global economy by 2034, promising prosperity and innovation on an unprecedented scale.
- This growth is predicted to offer remarkable job opportunities, with the sector expected to support nearly 348 million jobs globally. Despite obstacles, the sector has demonstrated resilience, reaching pre-pandemic levels in 2023 and aiming to set new records in 2024.
Looking ahead, WTTC foresees sustained robust growth, with a projected global economic impact of $16 trillion by 2034, fostering employment for 449 million people worldwide. However, concerns persist about the sluggish return of international tourist spending in the U.S. and China, and the necessity for support from their respective governments.
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