Travel Will Represent $15.5 Trillion Economy By 2033

Travel Will Represent $15.5 Trillion Economy By 2033

By 2033, travel is expected to be a $15.5 billion industry, or more than 11.6% of the global economy. This represents a 50% increase from its value of $10 trillion in 2019, when travel accounted for 10.4% of global gross domestic product.

The crowds of travelers filling airports in many parts of the world this summer are a telltale sign of what’s ahead for tourism.

By 2033, travel is expected to be a $15.5 billion industry, or more than 11.6% of the global economy. This represents a 50% increase from its value of $10 trillion in 2019, when travel accounted for 10.4% of global gross domestic product.

The 10-year forecast comes from the World Travel & Tourism Council (WTTC), an advocacy group dedicated to quantifying the economic impact of the industry. Although it was released in May as part of a report on the impact of the world economy in 2023 on travel, the data has not spread beyond small business leaders until now.

The report breaks down the economic contribution of the world’s largest tourism market and reveals the five most powerful travel and tourism sectors in 2022 in terms of contribution to GDP. These are still the same as before 2019: the United States, China, Germany, the United Kingdom and Japan, with Japan beating the United Kingdom in the most recent list. France, Mexico, Italy, India and Spain complete the top 10. The report also includes figures on the contribution of travel and tourism to the labor market: in general, the industry will employ up to 430 million people by 2033, from 334 million in 2019. That accounts for roughly 1 of every 9 jobs globally.

 

Visited 25 times, 1 visit(s) today