The World Travel and Tourism Council (WTTC) has projected that the travel and tourism sector will add $11.1 trillion to the world economy by 2024, a 12.1 per cent rise from the previous year.

Travel and tourism are becoming one of the most important economic sectors in the world. It accounted for 10 per cent of the global GDP and its projected contribution to the global GDP is forecast to break records.

The industry’s anticipated $11.1 trillion contribution in 2024 not only breaks the previous record set in 2019 but also shows a strong rebound that has surpassed forecasts.

An increase in consumer demand is driving the industry’s expansion as more and more individuals consider travel to be a necessary part of their budget and lifestyle. According to WTTC forecasts, travel-related expenses will account for $1 of every $10 spent globally in 2024, highlighting the sector’s significance as a major engine of economic activity.

Reflecting the optimism surrounding the industry’s recovery and its potential to drive global economic growth in the coming years, the WTTC Chief Executive Officer, Julia Simpson, stressed the importance of this expansion, saying, “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.”

The performance of the travel sector in 2024 is anticipated to be greatly aided by several important economies. Among the top markets where travel expenditure is anticipated to contribute most to GDP are the United States, China, and Germany.

The U.S. continues to dominate the world in travel and tourism, and this industry is vital to the expansion of the global economy. Travel expenditures in the U.S. are predicted to soar in 2024 as a result of both robust domestic demand and the ongoing improvement in travel abroad.

China, one of the biggest and fastest-growing travel markets in the world, is expected to have a significant influence on worldwide travel expenditures. The WTTC research emphasises the significance of the Chinese market, especially in light of the nation’s ongoing efforts to reduce travel restrictions and promote internal travel.

Germany stands out in Europe as a major driver of the expansion of the travel sector. The nation is well-positioned to play a significant role in the global travel industry thanks to its well-established tourist infrastructure and robust consumer demand.

These markets, along with others across the globe, are propelling the travel and tourism sector’s growth and assisting in raising its level of economic significance.