Travel sector to contribute $11trln to global economy

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Travel industry's contribution to global GDP in 2024 will increase 12.1 percent year-over-year to $11.1 trillion, making up 10 percent of global GDP, according to a report from World Travel and Tourism Council (WTTC), cited by Reuters.

The number represents about a 7.5 percent increase from the previous record set in 2019, Reuters said.

"Despite some concerns last year about us going into a global recession and high inflation, this year we are looking at travel and tourism being a real economic powerhouse globally," said Julia Simpson, CEO of the non-profit organisation.

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

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field, WTTC report said.

In the US, there are currently 1 million job openings across the leisure and hospitality industry, according to the US Travel Association. Total employment supported in the US was about 27 million jobs in 2023, according to the WTTC.