Global prosperity is contributed to by travel and tourism

Global prosperity is contributed to by travel and tourism

With 2023 behind us, the travel and tourism sector is finally able to overcome the impact of the pandemic, with international tourist arrivals expected to reach the levels of previous periods. A situation is improving sharply, although we must not underestimate the consequences on tourism given by the current geopolitical and economic uncertainty, as well as apprehension about the consequences of climate change. Sustainable development can be influenced by travel and tourism, which can also contribute to the collective well-being of our planet.

The key role that travel and tourism play in global prosperity.
The World Economic Forum’s Global Risk Report 2024, which was recently published, sheds light on the short and long-term risks facing the world. Inequality, inflation, migration and economic recession will be the focus of attention over the next two years, while environmental concerns, including extreme weather events and biodiversity loss, will be most relevant over the next decade.

In this context, the travel and tourism sector can play its part, accounting for 7.6% of world GDP and employing nearly 300 million people, as well as being the most important engine of connectivity globally. Over the next decade, the World Travel and Tourism Council predicts that the sector’s GDP will grow at almost double the rate of the wider global economy over the 10 years to 2033, with more than 100 million new jobs.

The travel and tourism sector is also one of the main actors to protect the environment, as it is not only affected by these challenges, but also contributes to climate change with about 8% of global anthropogenic emissions of greenhouse gases from tourism. In order to achieve global environmental goals, it is crucial for industries, particularly those in difficult-to-break sectors like aviation, to take actions.

Exploring the potential of travel and tourism.
The Global Future Council on Sustainable Tourism emphasizes the importance of creating standards and metrics for sustainability, growing a well-trained and inclusive workforce, prioritizing local communities, align the number of visitors with the reception capacity of the destinations.

Achieving these goals requires a high degree of collaboration between businesses, employees, and government actors at national and local levels, including tourism and environmental agencies, civil society, and international organizations.

In the coming months, the Forum, in collaboration with the University of Surrey, will present the latest edition of the Travel and Tourism Development Index (TTDI) to provide a comprehensive understanding of the factors and policies that enable sustainable and resilient development of the travel and tourism sector.

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