A record 10% of the World’s GDP will be spent on travel this year. According to the annual report by the World Travel and Tourism Council (WTTC), consumers increasingly see travel as an essential part of their budgets.
The WTTC estimates the industry’s contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This is a 7.5% increase from the previous record set in 2019.
Travel spending in the U.S., Chinese and German economies is expected to contribute the most to GDP.
The sector is expected to support nearly 348 million jobs in 2024, 13.6 million more than in 2019, which set the previous record.
Read more about the report by clicking HERE.
