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.
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.
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 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.
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.
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