Travel industry poised to add record $11.1 trillion to world's GDP in 2024
The world will spend an unprecedented amount of money on travel in 2024. According to the World Travel and Tourism Council (WTTC), $1 out of every $10 spent globally will go towards travel, as people eagerly book hotels, cruises, and flights, reported Reuters.
The travel and tourism sector's contribution to global gross domestic product (GDP) is set to hit new peaks as an increasing number of consumers prioritize travel in their budgets.
The WTTC forecasts that the industry’s contribution to global GDP will grow by 12.1% year-over-year to $11.1 trillion in 2024, representing 10% of global GDP. This would be a 7.5% increase over 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, according to Reuters.
Travel spending in the U.S., China, and Germany is likely to make the largest contributions to GDP.
The sector is predicted to support nearly 348 million jobs in 2024, marking an increase of 13.6 million jobs compared to the pre-pandemic record set in 2019.
The industry continues to expand and is actively hiring to fill positions in this growing field.
In the United States alone, there are currently 1 million job openings in the leisure and hospitality sector, according to the U.S. Travel Association.
Total employment in the U.S. travel sector stood at nearly 27 million jobs in 2023, said the WTTC report.
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