One in every 10 dollars generated worldwide in 2024 will come from the travel and tourism industry.

WTTC, the World Travel & Tourism Council, estimates that 2024 will be a record year for the sector, contributing US$11.1 trillion to global GDP, an increase of 7.5% over 2019 peak levels. According to the Economic Impact Research (EIR) 2024, produced by the world tourism body in partnership with Oxford Economics, travel and tourism will contribute an additional $770 billion compared to 2019. Thus, one out of every 10 dollars generated by the world economy corresponds to the travel and tourism industry.

As the global sector outperforms its pre-pandemic levels of contribution to the economy, WTTC expects 142 countries out of 185 to exceed their record GDP contribution this year. According to WTTC's annual EIR, the global tourism industry is currently responsible for almost 348 million jobs worldwide. This represents an increase of more than 13.6 million jobs, compared to its peak in 2019. In addition, international visitor spending is expected to reach 2019 levels at US$1.89 trillion, while domestic tourism spending is forecast to reach an all-time high of US$5.4 trillion.

Career opportunities

WTTC forecasts a promising future for the next decade, characterised by robust growth and unparalleled career opportunities. It is estimated that by 2034, the sector will have surpassed its levels of contribution to the global economy with $16 trillion, making up 11.4% of the entire economic landscape. This booming industry will also become a powerhouse for job creation, providing employment for 449 million people worldwide, 12.2% of the workforce.