Travel Industry Set to Contribute Record $11 Trillion to Global GDP in 2024

In a significant milestone, the global travel and tourism industry is expected to contribute a record-breaking $11.1 trillion to the world's GDP in 2024, according to a report by Reuters, citing data from the World Travel and Tourism Council (WTTC). This contribution will make up 10% of global GDP, marking a strong recovery from pre-pandemic levels and setting a new benchmark for the industry.

The report emphasizes that, despite economic challenges like inflation and fears of a potential global recession, travel spending is on the rise as consumers increasingly prioritize vacations, flights, and other travel-related experiences.

Travel Spending Rebounds

Julia Simpson, CEO of the WTTC, highlighted the sector’s resilience: “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.”

According to the WTTC, the strongest contributions to travel spending are expected to come from major economies such as the U.S., China, and Germany. The leisure and hospitality industry in the U.S. is already booming, with over 1 million job openings in 2024. Globally, the travel sector is projected to support 348 million jobs, an increase of 13.6 million compared to 2019.

Employment and Economic Growth

The WTTC’s report highlights how travel is not only a significant driver of economic growth but also a crucial sector for job creation. In 2023, the U.S. saw around 27 million jobs supported by travel, a number expected to rise as the industry continues its rapid expansion into 2024.