Tag Archives: GDP

The World Travel & Tourism Council (WTTC) is projecting a record-breaking year for travel & tourism in 2024, with the sector’s global economic contribution set to reach an all-time high of $11.1 trillion. According to the global tourism body’s 2024 Economic Impact Research (EIR), Travel & Tourism will contribute an additional $770BN over its previous record, stamping its authority as a global economic powerhouse, generating one in every 10 dollars worldwide.As the global sector soars past its pre-pandemic prosperity, WTTC expects 142 countries of 185 analysed will be outperforming previous national records. In partnership with Oxford Economic, WTTC’s latest EIR showcases a sector briming with opportunities, underpinning almost 348MN jobs globally. This represents an increase of more than 13.6MN jobs compared to its highest point in 2019. International visitor spending is expected to come within touching distance of the 2019 peak, to reach $1.89TN, while domestic tourists are forecast to spend more than in any year on record to hit $5.4TN. A look back on last year Despite economic uncertainties and geopolitical shake-ups, the Travel & Tourism sector is thriving. With an economic injection of nearly $10TN, the sector matched its pre-pandemic zenith, flexing its resilience and proving its critical role in the global economy. Representing 9.1% of global GDP at just over $9.9TN in 2023, Travel & Tourism’s financial footprint was the largest it’s been since the golden year of travel in 2019, trailing its peak by a mere 4%. The sector also bolstered its workforce by an additional 27.4MN, propelling the total to nearly 330MN jobs worldwide. International spending increased by 33.1% to reach $1.63TN, underscoring a vibrant comeback story for many countries around the world, with domestic …

It was announced that Oman had exceeded the set target of 2.5million tourists by end of 2023 and went on to receive 2.9million tourists by end of October 2023. According to the Ministry of Heritage and Tourism Oman has achieved high indicators in the goals of Oman 2040 vision. While the target was to reach 33,000 hotel rooms by the end of 2025, the Ministry’s statistics indicate that the achieved indicator stood at 32,371 by the end of September 2023. This was revealed by Oman News Agency. The target percentage of tourism sector’s contribution to the gross domestic product (GDP) at constant prices for the year 2025, set at 2.75 percent, was almost accomplished in 2022, when GDP at constant prices for that year stood at about 2.4 percent. The Ministry of Heritage and Tourism is embarked on utilizing statistical figures in a systematic manner to produce indicators that both support tourism decision-making and realize the sector’s goals in Oman Vision 2040.

In line with Dubai Economic Agenda D33’s objective of solidifying the emirate’s position as one of the top three global cities for business and travel, business tourism accelerated its role in fostering economic growth during 2022. Continuing to drive Meetings Incentives Conferences and Exhibitions (MICE) sector growth in Dubai in a post-pandemic new market, the largest operator across the wider region, Dubai World Trade Centre’s (DWTC) event calendar remained an economic catalyst for the nation – generating sustainably high returns for adjacent industries connected to the MICE ecosystem. The latest 2022 Economic Impact Assessment (EIA) Annual Report estimates DWTC’s total economic output across 63 large-scale events at AED 13Bn, of which a substantive AED 7.4Bn was retained within the local economy. These business events hosted, organised and delivered at the venue, welcomed nearly 1.2MM attendees with 40% being international – an impressive 49% YOY increase in foreign participation, emphasising Dubai’s leadership as a global mega-event hub. The study further observed that direct investments in an event at DWTC generated 7.4x in impact across the wider economy, meaning that every AED 1MM spent at these MICE events, drove circa AED 7.4MM of economic output for Dubai across other interlinked sectors. “Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President, Prime Minister and Ruler of Dubai, and the recently launched Dubai Economic Agenda D33, DWTC remains committed to furthering its contribution to the targets of doubling GDP over the next decade, particularly in consolidating its position as a top three global city,” said His Excellency Helal Saeed Almarri, in his capacity as Director General, DWTC Authority. “The MICE sector has long been an integral pillar of …