The travel and tourism sector is projected to account for 10% of global GDP in 2024, marking a substantial increase in its economic impact. According to forecasts from the World Travel & Tourism Council (WTTC), the industry’s contribution will rise by 12.1% year-on-year to reach a record USD $11.1 trillion (AUD $16.5 trillion).
This growth represents a 7.5% increase over the previous record set in 2019. The rise reflects a shift in consumer priorities, with travel increasingly viewed as an essential expense, leading to higher bookings for cruises, flights, and accommodations.
Additionally, the sector is expected to support approximately 348 million jobs worldwide in 2024, an increase of 13.6 million jobs compared to the previous peak in 2019.
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