The global tourism industry is set to make a remarkable comeback this year, with international tourist arrivals and the travel sector’s contribution to global GDP expected to return to pre-pandemic levels. According to a new study by the World Economic Forum, the complete lifting of Covid-19-related travel restrictions and strong pent-up demand are driving this recovery.
The study, titled Travel and Tourism Development Index 2024 (TTDI), analyzed the travel and tourism sectors of 119 countries and highlighted the significant recovery rates in international tourist arrivals in regions like the Middle East, Europe, Africa, and the US. The report also pointed out that high-income economies generally have more favorable conditions for travel and tourism development.
Francisco Betti, Head of the Global Industries team at the World Economic Forum, emphasized the sector’s potential to unlock growth and serve communities through economic and social transformation. He stated, “This year marks a turning point for the travel and tourism sector, which we know has the capacity to unlock growth and serve communities through economic and social transformation.”
While the global recovery in the tourism industry is promising, the report also highlighted some challenges, including labor shortages, air route capacity issues, and sustainability concerns. Despite these challenges, the sector has the potential to emerge as a key contributor to global growth if managed strategically.
The study revealed that out of the top 30 index scorers in 2024, 26 are high-income economies, with the United States, Spain, Japan, France, and Australia leading the pack. With increased demand, better international openness, and investments in attractions, the global tourism industry is on track to surpass pre-pandemic levels and play a significant role in economic recovery.