According to the World Travel & Tourism Council (WTTC), travel and tourism will have a record- breaking year in 2024 and will contribute an unprecedented $11.1 trillion to global GDP.

The travel and tourism industry will contribute $770 billion more than it did in 2024, according to the global tourism body's 2024 Economic Impact Research (EIR). This will solidify the industry's position as a global economic powerhouse, producing one in ten dollars globally.

With the global sector surging above its pre-pandemic prosperity, WTTC predicts that 142 of the 185 countries it analyzed will surpass historical national records.

The most recent EIR from WTTC, published in collaboration with Oxford Economics, presents a promising industry that supports about 348 million jobs worldwide. In comparison to its peak in 2019, this indicates a gain of about 13.6 million employment.

While domestic tourists are predicted to spend more than in any previous year, hitting $5.4 trillion, foreign visitor spending is predicted to approach the top of 2019 by just a hair.

Travel and tourism are booming despite geopolitical upheaval and economic uncertainty. The sector regained its pre-pandemic peak with an economic boost of almost $10 trillion, demonstrating its tenacity and vital position in the world economy.

Travel and tourism's financial impact, which trailed its high by barely 4%, was the largest since the travel industry's golden year of 2019, accounting for 9.1% of the world GDP at little over $9.9 trillion in 2023.

Additionally, the industry added 27.4 million new workers to its workforce, bringing the total to about 330 million positions globally.

With domestic spending rising by more than 18% to reach over $5TN, international spending surged by 33.1% to reach $1.63TN, highlighting a dynamic comeback narrative for many nations worldwide.

The year 2023 established the precedent for a record-breaking year in 2024 by showcasing the unwavering desire for travel.

This expansion occurs even though the two largest travel markets in the world—China and the United States—are trailing behind in terms of the amount of money spent by foreign visitors.

International tourist spending in the United States last year was almost 25% less than it peaked in 2019, while China's visitor spending fell by nearly 60%.

"Against the backdrop of uncertainty, the travel and tourism sector remains a global economic powerhouse," stated Julia Simpson, President and CEO of WTTC.

"This is a story of the sector back at its best after a challenging few years, providing a significant economic boost to countries around the world and supporting millions of jobs. It's not just about breaking records; we're no longer talking about a recovery."

Although there is a risk, the governments of China and the United States must promote their

suffer while foreign visitors return to other nations far more quickly.

"This is a story of the sector back at its best after a challenging few years, providing a significant economic boost to countries around the world and supporting millions of jobs. It's not just about breaking records; we're no longer talking about a recovery."

Although there is a risk, the governments of China and the United States must promote their respective national travel and tourism industries. China and the United States will continue to suffer while foreign visitors return to other nations far more quickly.

WTTC sees a bright future for the ensuing ten years, one marked by strong expansion and unmatched professional prospects.

The industry is expected to contribute an astounding $16 trillion by 2034, or 11.4% of the world's GDP, to the global economy.

With 449 million jobs expected to be created globally, this expanding sector is likewise expected to be a job creator. This thriving industry, which employs close to 12.2% of the workforce, demonstrates the critical importance that travel and tourism play in the worldwide labour market.

Over 75% of the examined countries are anticipated to surpass 2019's peak in terms of GDP contribution.

The travel and tourism industry is about to enter its most revolutionary period ever, one that promises unprecedented levels of innovation, prosperity, and connectivity.