by Lacey Pfalz
Last updated: 3:15 PM ET, Thu April 4, 2024
The World Travel & Tourism Council (WTTC) is predicting that 2024 will be a record-breaking year for the global travel industry, with an all-time high in global economic contribution and employment.
The industry is expected to generate one in every 10 dollars worldwide, contributing $11.1 trillion to the global economy, according to WTTC's 2024 Economic Impact Research. That's $770 billion higher than its previous record.
Though while the global travel industry booms, many countries are also going to perform much better this year, too. Out of the 185 countries WTTC analyzed, 142 are expecting to break their previous economic records.
That doesn’t mean some countries aren’t still lagging, though. Last year, international visitor spending in the United States was over 25 percent below the pre-pandemic percentage, while in China, that number was nearly 60 percent below the pre-pandemic percentage.
Additionally, jobs are expected to continue to grow within the industry to 348 million, 13.6 million more than in 2019.
“Against the backdrop of uncertainty, the travel & tourism sector remains a global economic powerhouse,” said Julia Simpson, WTTC President & CEO. “This isn’t just about breaking records, we’re no longer talking about a recovery – 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.”
“There’s 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.”
Last year was a milestone year for the travel and tourism industry. It generated just over $9.9 trillion and represented 9.1 percent of the global gross domestic product. It was the highest since prior to the pandemic, at just 4 percent lower than in 2019. The sector also employed an additional 27.4 million people, for a total of 330 million jobs.
By 2034, WTTC predicts the industry will be worth $16 trillion, generating 11.4 percent of the global economy. It’s expected to employ 449 million people, which represents over 12 percent of the entire global workforce.
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