What is the growth of tourism?

Revenue in the Travel & Tourism market is projected to reach US$854.70bn in 2023. Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 4.42%, resulting in a projected market volume of US$1,016.00bn by 2027.



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Travel & Tourism GDP is set to grow on average by 5.8% annually between 2022 and 2032, outpacing the growth of the overall economy (2.7% per year). Our research shows that Travel & Tourism GDP could return to 2019 levels by the end of 2023.

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Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. 5. So, is it all systems go for travel and tourism?

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Europe and the Middle East Lead Recovery
Europe welcomed almost three times as many international arrivals as in the first seven months of 2021 (+190%), with results boosted by strong intra-regional demand and travel from the United States.

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By the early 21st century, international tourism had become one of the world's most important economic activities, and its impact was becoming increasingly apparent from the Arctic to Antarctica.

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Global tourism is a significant industry, with millions of people traveling internationally each year. It can have a significant impact on the economies of both the host countries and the countries of origin of the tourists, as well as on the environment, society, and culture of the places visited.

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WTTC's latest annual research shows: In 2022, the Travel & Tourism sector contributed 7.6% to global GDP; an increase of 22% from 2021 and only 23% below 2019 levels. In 2022, there were 22 million new jobs, representing a 7.9% increase on 2021, and only 11.4% below 2019.

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Tourism offers great opportunities for emerging economies and developing countries. It creates jobs, strengthens the local economy, contributes to local infrastructure development and can help to conserve the natural environment and cultural assets and traditions, and to reduce poverty and inequality.

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As one of the largest and fastest growing economic sectors in the world, tourism is well-positioned to foster economic growth and development at all levels and provide income through job creation.

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Longer-term forecasts also point to optimism for the decade ahead. Travel and tourism GDP is predicted to grow, on average, at 5.8 percent a year between 2022 and 2032, outpacing the growth of the overall economy at an expected 2.7 percent a year. 5.

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As well as generating employment and income, another positive impact of tourism is improvements in infrastructure. These include road and rail improvements, airport development and improvements in utilities, such as water supply and telecommunications.

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