Global Travel & Tourism is strong despite economic headwinds

BRUSSELS, BELGIUM – Against a backdrop of economic uncertainty, the World Travel & Tourism Council’s (WTTC) latest research shows that global Travel & Tourism is projected to grow strongly this year, reaffirming its role as cornerstone to major world economies, as travellers are expected to spend more than ever before.

According to WTTC’s 2025 Economic Impact Research (EIR), international visitor spending is forecast to reach an historic $2.1tn in 2025, surpassing the previous high of $1.9TN in 2019 by $164bn.

This year, Travel & Tourism is expected to contribute an all-time high of $11.7tn. to the global economy, accounting for 10.3% of global GDP.

Jobs around the world supported by the sector are expected to grow by 14mn. in 2025, to reach 371mn. worldwide, more than the population of the U.S.

Julia Simpson, WTTC President & CEO, said “People are continuing to prioritise travel. That’s a powerful vote of confidence in our sector and a sign of its enduring strength. But while the global picture in Travel & Tourism is strong, the recovery remains uneven. Whilst some countries and regions are producing record-breaking numbers, other large economies are plateauing.”

Whilst there is some positive news for many economies around the world, in a number of major Travel & Tourism markets such as the U.S., China, and Germany, growth has slowed.

In the U.S., the world’s most powerful Travel & Tourism market, international visitor spend remained significantly below 2019 levels in 2024 and is not expected to fully recover this year. In China, while international spending was above pre-pandemic levels last year, growth is expected to slow sharply in 2025.

By contrast, other key markets such as Saudi Arabia, which will inject $800bn. into the sector by 2030, is ahead of the curve and setting new benchmarks. European countries such as France and Spain, the world’s top two destinations in terms of visitor numbers, continue to lead the region’s resurgence, powered by smart investment and global appeal.

A Look Back on Last Year

According to the global tourism body’s latest EIR data, in 2024, Travel & Tourism contributed 10% of the world’s economy to reach $10.9tn. – an 8.5% increase on 2023, and 6% above the previous peak of 2019.

Jobs grew 6.2% to reach 357mn., accounting for one in 10 jobs around the world.

International spending also increased by almost 12%, to $1.87TN and domestic spending grew 5.4% to $5.3tn.

The Decade Ahead

WTTC forecasts that by 2035, Travel & Tourism will inject $16.5tn. into the global economy, accounting for 11.5% of global GDP. That’s a decade-long growth rate of 3.5% annually, outpacing the wider economy’s 2.5%.

Jobs are expected to reach one in eight jobs, with more than 460mn. International spending is anticipated to reach $2.9tn., with a CAGR of 3.4%, and domestic spending will grow at a similar rate (3.3%), to reach $7.7tn.

In collaboration with Oxford Economics, WTTC produces reports annually on the economic and employment impact of Travel & Tourism for 185 economies.

Each year, WTTC also releases its groundbreaking Environmental Social Research, which shows the sector’s emissions stood at 6.5% of the global total in 2023 – underscoring the critical need for continued sustainable innovation as Travel & Tourism expands.

The article Global Travel & Tourism is strong despite economic headwinds first appeared in TravelDailyNews International.