Travel and tourism industry to generate $10 trillion

Monday, November 6, 2023

The World Travel & Tourism Council (WTTC) has predicted that the global travel and tourism industry has made a remarkable recovery.

WTTC also expects that tourism will generate $10 trillion by the end of 2023. The travel industry suffered a significant blow amid the COVID-19 pandemic.

President & CEO of the Council Julia Simpson shared this positive outlook at the 23rd Global Summit and claimed that the global tourism market may surpass the $15 trillion mark within the next decade.

Simpson highlighted the industry’s progress in 2023 and stated that it had almost reached the $10 trillion milestone.

Despite the ongoing efforts in China to fully reopen its travel and visa processes, the sector’s performance has exceeded expectations.

She emphasised that the industry is poised to exceed the $10 trillion benchmark and is projected to approach a value of nearly $15 trillion over the next decade.

Simpson noted that various regions including Europe, Africa, and the Middle East are experiencing growth rates higher than initially predicted.

She was highlighting the industry’s resilience and swift recovery.

Additionally, the industry’s commitment to environmental sustainability is becoming more energy efficient as it grows with a reduced impact on greenhouse gas emissions compared to 2019 data.

According to WTTC 2019 data, travel and tourism was responsible for 8.1% of the Greenhouse gas emission globally.

As their sector continues to grow, they are becoming more efficient with their energy use.

While travel and tourism is growing, the impact on the environment is not growing at the same rate, said Simpson. WTTC Chair, Arnold Donald accompanied her.

Donald said one out of five new jobs being created today across the world is from the travel and tourism sector.

He was also highlighting the importance of the sector in creating new employment opportunities.

Donald underscored the sector’s role in creating new job opportunities, with one in every five new jobs worldwide originating from the travel and tourism industry.

The three-day Global Summit is attended by nearly 1,000 delegates from 45 countries.

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