G20 Tourism Ministers to Explore Opportunities to Boost Industry

G20 Tourism Ministers to Explore Opportunities to Boost Industry
TT

G20 Tourism Ministers to Explore Opportunities to Boost Industry

G20 Tourism Ministers to Explore Opportunities to Boost Industry

Tourism ministers of the Group of 20 major economies agreed on Friday to explore capacity programs in the tourism industry to help the global economy recover from the coronavirus pandemic.

“We will explore opportunities such as capacity building programs in travel and tourism to help the world economy recover, and help the sector become more inclusive, robust, and resilient,” the ministers said in a statement after holding their first extraordinary meeting hosted by the group's current president Saudi Arabia.

The G20 Tourism Working Group was also tasked with finding ways to stimulate a recovery in the sector, the statement said following the virtual meeting.

The ministers tasked the Group ahead of the tourism ministers’ meeting in Saudi Arabia on October 7, “to identify challenges to the sector that have arisen from the crisis, to develop and share further targeted responses to stimulate recovery, and to identify ways to improve resiliency in the sector.”

“Travel and tourism is one of the most heavily affected sectors by the COVID-19 pandemic, with preliminary estimates from the Organization for Economic Co-operation and Development (OECD) indicating a 45% decline in international tourism in 2020, which could rise to 70% if recovery efforts are delayed until September,” said the statement.

“The World Travel & Tourism Council (WTTC) has estimated that up to 75 million jobs are at risk in this labor-intensive sector,” it added.



Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
TT

Travel Industry to Contribute Record $11 Trillion to Global GDP in 2024

Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)
Tourists check a souvenir stand while walking around the Grand-Place square, in central Brussels, Belgium, 31 August 2024. (EPA)

A record $1 out of every $10 spent globally in 2024 will be on travel as people briskly book hotels, cruises and flights, according to an annual report by the World Travel and Tourism Council, a non-profit membership organization.

The travel and tourism industry's contribution to global gross domestic product is expected to reach new heights as consumers increasingly see travel as an essential part of their budgets.

The WTTC estimates the industry's contribution to global GDP in 2024 will increase 12.1% year-over-year to $11.1 trillion, making up 10% of global GDP. This represents about a 7.5% increase from the previous record set 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 non-profit organization.

Travel spending in the US, Chinese and German economies is expected to contribute the most to GDP.

The sector is expected to support nearly 348 million jobs in 2024, or 13.6 million jobs more than in 2019, the previous record prior to the pandemic. The industry is still hiring to fill jobs in the rapidly expanding field.

In the United States, there are currently 1 million job openings across the leisure and hospitality industry, according to the US Travel Association. Total employment supported in the US was about 27 million jobs in 2023, according to the WTTC.