corporate

Travel industry to contribute record US$11t to global GDP in 2024

NEW YORK: A record US$1 out of every US$10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization.

The travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1 per cent year-over-year to US$11.1 trillion, making up 10 per cent of global GDP. This represents about a 7.5 per cent increase from the previous record set in 2019.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organization.

Travel spending in the U.S., Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

In the United States, there are currently 1 million job openings across the leisure and hospitality industry, according to the U.S. Travel Association. Total employment supported in the U.S. was about 27 million jobs in 2023, according to the WTTC.

Most Popular
Related Article
Says Stories