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).
