Travel is becoming an economic force
More and more people are booking hotels, cruises and flights. Every day, $1 out of every $10 spent worldwide by 2024 goes to travel. This is clear from the annual report of the World Travel and Tourism Council (WTTS), quoted by the world media and travelnews.bg.
The travel industry’s contribution to the global domestic product (GDP) is expected to reach new heights as citizens see more of the travel industry your share of all budgets.
WTTS calculates that the contribution of the index to the global GDP in 2024 will increase by 12.1% on an annual basis to $11.1 trillion, which represents 10% of the global GDP . This represents an increase of around 7.5% from the previous year, launched in 2019.
“Despite some changes last year, our sudden entry into a global recession and higher inflation, this year we are looking at the journeys and typism of the real economic force in the world on a large scale,” commented Julia Simpson, the organization’s chief executive officer.
Travel expenses in the economies of the US, China and Germany are expected to contribute the most to GDP. It expects the start-up to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous year before the pandemic, money.bg reported.
The company is still hiring to fill job openings in the rapidly expanding area. There are currently 1 million open job positions in the hospitality and hospitality industry, according to the American Trade Association. The total number of overseas employees is about 27 million people in 2023, according to the data of WTTS.
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