2024 will be record year for tourism, says WTTC

24-05-24

The World Travel & Tourism Council (WTTC) estimates that Tourism's contribution to global GDP will exceed the 2019 peak levels by 7.5%, an additional $770 70 billion (over €710 billion), which will be a record for the industry.

Such a projection derives from the fact that one out of every 10 dollars (more than nine euros) generated by the global economy corresponds to the travel and tourism sector. The Economic Impact Study (EIR) 2024, prepared in collaboration with Oxford Economics, forecasts that 142 countries, out of the 185 analyzed, will exceed their contributions to national economies this year compared to the 2019 figures. Although, major powers such as the United States and China currently perceive a much slower return of international tourism spending.

This growth has also been expressed in a proportional increase in job generation, which according to the 2023 report itself records a total of 348 million jobs, representing more than 13.6 million compared to 2019. However, the current positive outlook presented by the sector has gradually smoothed out from the recovery in demand that 2023 brought after the pandemic. 

The idea is that, barring any unexpected phenomena such as covid 19, the trend will be to reach unprecedented numbers and career opportunities in the next decade, confirming it as a key sector in the global economy. 

“This is not just about breaking records, we are no longer talking about a recovery: this is a story of the sector returning to its best after a difficult few years, providing a significant economic boost to countries around the world and supporting millions of jobs,” said Julia Simpson, president and CEO of the WTTC.

In the case of Latin America, the industry will contribute around US$385.9 billion to its GDP, exceeding the 2019 figure by more than 6%, and generate more than 18 million jobs, which will account for one in every 12 jobs regionally.

Another key indicator, international visitor spending is expected to reach US$60.5 billion, a 5.5% growth over the same date, while domestic regional spending is projected to reach US$226 billion, 7.5% more than in 2019. 

In this regard, Simpson pointed out that the regional scenario is very favorable and “demonstrates the resilience and adaptability of the sector”, which in 10 years' time will mean a contribution of 8.3% of the regional GDP, with a figure of more than 498 million dollars.