Home
FacebookTwitterSearchMenu
  • Subscribe (free)
  • Subscribe (free)
  • News
  • Features
  • TravelInfo
  • Columns
  • Community
  • Sponsored
  • Contact Us
    • Contact Us
    • About Us
    • Advertise
    • Send Us News

Share

  • Facebook
  • Twitter
  • LinkedIn
  • E-mail
  • Print

Travel – the global GDP powerhouse

09 Sep 2024
Comments | 0

An annual report from the World Travel and Tourism Council (WTTC) reveals that travel will contribute a record amount to global GDP in 2024.

The organisation predicts that the travel and tourism industry’s contribution to global GDP will reach a new record, contributing 10% of total GDP for the first time.

The sector will also account for 348 million jobs, creating 13,6 million more jobs than in 2019. “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 WTTC, as reported by Reuters.

However, regional reports from the WTTC show that Africa is recovering more slowly than the average rate, with travel and tourism accounting for 6,8% of the GDP on the continent.

South Africa’s travel and tourism contribution to national GDP remained 13,1% behind 2019 levels. “A lacklustre recovery that became a drag on the whole region,” was how the report described it.

However, the WTTC expects the employment created by the sector to fully recover in Africa by the end of this year, with the addition of nearly 2,4 million jobs. It forecasts that the industry will contribute US$321,6 billion (R5,7 trillion).

Sign up to our mailing list and get daily news headlines and weekly features directly to your inbox free.

Cape and Sandton fuel Southern Sun growth

22 May 2025
Comments | 0

TAAG increases SA frequencies

22 May 2025
Comments | 0

Hard hats on: travel trade visits Tinley Manor

22 May 2025
Comments | 0

What it takes to run an airline for 100 years

22 May 2025
Comments | 0

Feature: The safety net for every traveller

22 May 2025
Comments | 0

Umhlanga hotel undergoes expansion

22 May 2025
Comments | 0

MSC orders two new World Class ships

22 May 2025
Comments | 0

Turkey theme park adds Nickelodeon attractions

22 May 2025
Comments | 0

Air travel round-up: Cathay resumes Adelaide flights

22 May 2025
Comments | 0

Latest Changes on Travelinfo (22May25)

22 May 2025
Comments | 0

SAF use in SA a distant dream

21 May 2025
Comments | 0

QR reports record profit

21 May 2025
Comments | 0

RwandAir shifts focus to East Africa

21 May 2025
Comments | 0
  • Load more

FeatureClick to view

Africa May 2025

Poll

Which countries are the best at issuing tourist visas?
  • © Now Media
  • Privacy Policy
  • Travel News on Facebook
  • eTNW Twitter
  • Travel News RSS
  • Contact Us
  • About Us
  • Advertise
  • Send Us News