A report prepared by the World Travel & Tourism Council (WTTC) estimates that the sector will contribute $11.1 trillion to global GDP, which would be 7.5% higher than the highs reached in 2019.
That Economic Impact Research (EIR) study, is produced jointly with Oxford Economics, estimates that this year the sector will generate more than $770 billion more than in 2019. This represents 10% of the entire world economy.
The data indicates that the tourism sector is directly responsible for around 348 million jobs worldwide, 13.6 million more than in 2019, the pre-pandemic year in which the figure recorded an all-time high.
In addition, they expect foreign tourist spending to reach pre-pandemic figures, at $1.89 trillion. As for domestic tourism, domestic tourism spending is expected to reach $5.4 trillion.
FY 2023 results
In the past year, the sector generated nearly $10 trillion for the global economy, recovering to pre-pandemic levels. Despite the adversities caused by economic uncertainties and geopolitical tensions, the industry once again proved its strength.
The impact of tourism extends beyond revenue generation. The sector accounted for 9.1% of global GDP, while creating 27.4 million new jobs. This brought the total number of jobs to nearly 330 million worldwide.
International tourism spending rose by a remarkable 33.1% to US$1.63 trillion. Similarly, domestic spending rose by more than 18%, approaching US$5 trillion. However, it is important to note that two of the world’s most significant tourism markets, the United States and China, have not yet managed to reach pre-pandemic levels of international visitor spending.
In the US, foreign visitor spending remained 25% below the peak reached in 2019, while in China, this indicator stood almost 60% below that recorded before the global health crisis.
Source: Arecoa.com
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