The World Travel and Tourism Council (WTTC) is expecting a record-breaking year for Travel & Tourism in 2024, noting the booming sector’s global economic contribution could reach an all-time high of $11.1 trillion, as per the official Emirates News Agency (WAM).
The global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism is projected to contribute an additional $770 billion over its earlier record, further highlighting its position as a global economic powerhouse, generating one in every 10 dollars across the globe.
The report suggests that the sector has moved past its pre-pandemic prosperity. Despite economic uncertainties and geopolitical challenges, Travel & Tourism is thriving, flexing its resilience and proving its substantial role in the global economy.
2023 marks humans’ unflinching passion for travel
Representing 9.1% of global Gross Domestic Product (GDP) at just over $9.9 trillion in 2023, the burgeoning sector’s financial footprint was the largest it has been since 2019 – majorly considered as the golden year of travel – trailing its peak by a mere 4%.
2023 demonstrated humans’ unflinching passion for travel, paving the way for a record-breaking year in 2024. The booming sector is on the brink of its most transformative era yet, promising innovation, connection and job creation on a scale we have yet to see.
Travel to Dubai, travel to the heart of innovation
Dubai’s contribution to Travel & Tourism has never been this prominent. The emirate marked a notable year in 2023 as it welcomed a record 17 million international visits. It was the best-ever year for the tourism sector and the first year ahead of pre-pandemic numbers.
Taking to X (previously called Twitter) on February 7, 2024, Dubai’s Crown Prince HH Sheikh Hamdan bin Mohammed said: “The city is at the forefront of global tourism sector, with one of the world’s highest hotel occupancy rates of 77.4%.”
“This remarkable growth of 19.4% firmly established Dubai as a leading destination,” he added. Dubai had managed to welcome 16.73 million travellers in 2019 and before the tumultuous Covid-19 pandemic struck, it had set out to hit 20 million by 2020.
People don’t become ‘Dubians’, they become global citizens
His Highness highlighted in his social media post that the staggering numbers support the objectives of the Dubai Economic Agenda D33 – aiming to double the size of Dubai’s economy over the next decade and consolidate its position among the top three global cities.
Speaking in December at the Dubai Tourism Summit presented by Skift Global Forum East 2023, Dubai Tourism’s Chief Executive Issam Kazim said: “There are 200 nationalities here … People don’t become ‘Dubians’, they retain their culture and they become global citizens.”
He called Dubai “a multinational city”, underscoring it as “the true magic of the city”. Dubai is one of the most prominent tourism and financial hubs globally. Its economy expanded by an annual 3.3% in the first nine months of 2023, driven by tourism and transportation.
Important links:
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What makes you a good journalist? Hopefully, I can find a convincing answer to it someday.From Btech in Civil Engineering to pursuing Masters in Journalism and Mass Communication, it has been quite a journey. I have a keen interest in investigative journalism and exploring the latest developments in the Gulf region.
I care about ethical reporting and bringing something new to the table. Overall, if not a writer, I believe I would have been a globetrotter or a pet-sitter.
Email id: shrabani@traveltodubai.ae
