Travel sector contributes 12.1% to $11.1 trillion in global GDP

According to an annual report issued by the World Travel and Tourism Council (WTTC), a non-profit membership organization, one dollar out of every 10 dollars spent globally in 2024 will be on travel, a record high.

WTTC estimates that the sector’s contribution to global GDP this year will increase by 12.1% year-on-year to $11.1 trillion, equivalent to 10% of global GDP, representing an increase of about 7.5% from the previous record set in 2019.

According to CNBC, travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The council expects the sector to support nearly 348 million jobs in 2024, or 13.6 million more jobs than in 2019, the previous record before the pandemic.

There are currently 1 million job openings in the leisure and hospitality sector in the United States, according to the U.S. Travel Association.