Travel & Tourism’s global economic contribution set to reach an all-time high of $11.1 trillion in 2024
According to the global tourism body World Travel & Tourism Council (WTTC) 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. 2023 set the stage, demonstrating the unwavering passion for travel, paving the way for a record-breaking year in 2024.
As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records. 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.
Representing 9.1% of global GDP at just over $9.9TN in 2023, Travel & Tourism’s financial footprint was the largest it’s been since the golden year of travel in 2019, trailing its peak by a mere 4%.
There’s a risk however, the U.S. and Chinese governments need 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.
By 2034, the sector will supercharge the global economy with a staggering $16TN, making up 11.4% of the entire economic landscape.