This year is set to be an all-time record one for global travel and tourism, with the industry’s collective global economic contribution set to reach a historic high of $11.1 trillion.
That is according to latest forecasts from The World Travel & Tourism Council (WTTC), which said that despite the obvious geopolitical problems and economic uncertainty, world travel is thriving.
Julia Simpson, WTTC President & CEO, said: “Against the backdrop of uncertainty, the Travel & Tourism sector remains a global economic powerhouse.
“This isn’t just about breaking records, we’re no longer talker 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 US and Chinese governments to support their national Travel & Tourism sectors. The US and China will continue to suffer whilst other countries are seeing international visitors return much faster.”
Looking ahead, WTTC is forecasting a promising future for the next decade, characterised by robust growth and unparalleled career opportunities.
By 2034, the sector will supercharge the global economy with a staggering $16 trillion, making up 11.4% of the entire economic landscape, the WTTC said.
The WTTC said: “This booming industry is also set to be a job creation juggernaut, providing employment for 449 million people worldwide. Nearly 12.2% of the workforce will be powering this vibrant sector, showcasing Travel & Tourism’s pivotal role in global employment.
“With more than three quarters of the countries analysed expected to exceed the high point of 2019, in terms of GDP contribution, Travel & Tourism is on the brink of its most transformative era yet, promising prosperity, innovation, and connection on a scale we’ve yet to see.”
