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

The travel and tourism industry is set to reach a historic milestone in 2024, contributing a record $11.1 trillion to the global GDP, according to a report by the World Travel and Tourism Council (WTTC). This figure represents 10% of the global GDP, with $1 out of every $10 spent worldwide going towards travel-related activities such as hotels, cruises, and flights.

The projected 12.1% year-over-year increase reflects a 7.5% rise from the previous record set in 2019. Despite earlier concerns about a potential global recession and high inflation, the travel and tourism sector is showing strong resilience and growth, indicating its status as a significant economic powerhouse.

“Travel and tourism are becoming essential components of consumers’ budgets, demonstrating robust economic performance worldwide,” said Julia Simpson, CEO of the WTTC.

Key Contributors and Job Growth

The report highlights that the US, China, and Germany are expected to be the top contributors to the travel sector’s GDP growth. The industry is also expected to support nearly 348 million jobs globally in 2024, marking an increase of 13.6 million jobs compared to 2019, the pre-pandemic peak. This job growth underscores the industry’s ongoing expansion and recovery.

In the United States alone, there are currently 1 million job openings in the leisure and hospitality sector, according to the US Travel Association. Total employment in the US travel and tourism industry supported approximately 27 million jobs in 2023, demonstrating the sector’s significant role in the national economy.