By 2033, travel will account for $15.5 trillion in the economy

The bustling scenes of travellers thronging airports around the world this summer serve as a clear indicator of the future trajectory of the tourism industry. According to projections by the World Travel & Tourism Council (WTTC), by the year 2033, travel is poised to evolve into a staggering $15.5 trillion industry, constituting over 11.6% of the global economy. This marks a substantial 50% increase from its $10 trillion valuation in 2019, where travel comprised 10.4% of the world's gross domestic product. The WTTC, a prominent advocacy group dedicated to quantifying the economic impact of the travel industry, unveiled this 10-year forecast in May as part of the 2023 World Economic Impact report on travel. Initially disseminated among a select group of industry executives, this data is now making its broader debut.

The report delves into the economic contributions of major tourism markets worldwide and highlights the top five influential travel and tourism economies as of 2022 in terms of GDP contribution. These nations, which have maintained their positions since pre-2019, include the US, China, Germany, the UK, and Japan, with Japan surpassing the UK in the most recent ranking. France, Mexico, Italy, India, and Spain round out the top 10. Additionally, the report sheds light on the impact of travel and tourism on the labour market. By 2033, the industry is expected to employ up to 430 million people, a notable increase from the 334 million employed in 2019. This signifies that approximately 1 in every 9 jobs globally will be associated with the travel industry. What sets travel apart is not only its significant share of the global economy but also its remarkable pace of growth, outpacing the overall economy.