Travel and tourism to break records, bring over $11 trillion in 2024: report
The global travel and tourism industry is expected to be at an 'all-time high' this year
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Travel and tourism is expected to be a boon for the global economy this year.
Countries around the world will see travel and tourism produce $11.1 trillion in 2024, according to a report released Thursday by the World Travel & Tourism Council.
The group said the forecasted global economic contribution would mark an "all-time high" from the roughly $10 trillion the industry brought in pre-pandemic 2019.
Countries around the world will see travel and tourism produce $11.1 trillion in 2024, according to a report. ( / iStock)
The coronavirus hit many industries hard, with travel and tourism in particular seeing negative impacts from the lockdowns and restrictions instituted in the early days of the pandemic.
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This year, both international and domestic tourists are expected to splash out during their travels.
The report, which involved a partnership with Oxford Economics, projected a record $5.4 trillion in spending would come from domestic travelers. That would set a record, according to the WTTC.
Meanwhile, international tourists will reportedly contribute $1.89 trillion.
The report projected a record $5.4 trillion in spending from domestic travelers. (Jeffrey Greenberg/Universal Images Group via Getty Images / Getty Images)
And the WTTC had an even rosier outlook for a decade from now, when it predicted global tourism and travel will be responsible for nearly $16 trillion and 449 million jobs.
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The travel and tourism industry’s performance in 2023 provided momentum for this year, the group said.
In 2023, it produced $9.9 trillion around the world.
"This isn’t just about breaking records, we’re no longer talking 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," WTTC CEO Julia Simpson said in a Thursday statement. "There’s a risk however, we need the U.S. and Chinese governments to support their national Travel & Tourism sectors."
Passengers walk past a flight status board in Terminal C at Orlando International Airport, Jan. 11, 2023, after the FAA grounded all U.S. flights, reportedly due to an FAA computer system failure. (Joe Burbank/Orlando Sentinel/Tribune News Service via / Getty Images)
The head of the WTTC warned the U.S. and China could "continue to suffer whilst other countries are seeing international visitors return much faster" if they don’t.
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The group pegged 2023’s U.S. international visitor spending at "more than a quarter below the peak of 2019" and China’s "almost 60% down."
In August, the WTTC issued a prediction that the U.S. travel and tourism industry would provide $2.2 trillion in 2023. It was responsible for $2 trillion the year prior to that.