Latest news with #TravelTourism
Hospitality Net
3 hours ago
- Business
- Hospitality Net
Azerbaijan's Travel & Tourism Sector Set for Strong Growth in 2025
London, UK - Azerbaijan's Travel & Tourism sector is set for a year of significant growth in 2025, with new data from the World Travel & Tourism Council (WTTC), forecasting a contribution of ₼10.3BN to the national economy – a 32% year-on-year rise, representing 8.2% of total GDP. This year, the sector is also expected to support 472,000 jobs, representing nearly 10% of total national employment. International visitor spending in 2025 is projected to reach ₼5.5BN, marking a full post-pandemic recovery, while domestic visitor spending is forecast to reach a record new milestone, at ₼3.8BN, up from ₼3.8BN in 2009. The sharp growth in both domestic and international visitor spending signals renewed strength in the country's tourism economy. Azerbaijan is turning heads in the global Travel & Tourism sector. With visitor spending rising and employment accelerating, 2025 is shaping up to be a breakthrough year. These figures reflect growing international appeal and the success of Azerbaijan's long-term focus on diversification, cultural promotion, and sustainable tourism development. WTTC is proud to support the country's journey. Julia Simpson, WTTC President & CEO Looking Back at 2024 In 2024, Azerbaijan's Travel & Tourism sector contributed ₼7.8BN to the economy, 10% behind 2019 levels, and supported 423,700 jobs. International visitor spending reached ₼3.4BN, a 29% increase year-on-year. Domestic visitor spending totalled ₼3.5BN, nearly 10% above 2023 levels. The upward trend across all indicators sets the stage for Azerbaijan to continue rising as a global tourism destination. Vision 2035: Long-Term Promise Looking ahead, WTTC forecasts that by 2035, Azerbaijan's Travel & Tourism sector will contribute over ₼17BN to the economy, almost 11% of GDP, and support almost 670,000 jobs. This would represent the creation of nearly 200,000 new jobs over the next decade. International visitor spending is expected to hit just under ₼9.5BN, while domestic visitor spending is forecast to reach ₼6.3BN, reflecting balanced and sustained sector growth. For more information and to access the full factsheet, including WTTC's latest Environmental Social Research (ESR), please visit WTTC's Research Hub. About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. WTTC Press Office WTTC View source
Travel Daily News
03-06-2025
- Business
- Travel Daily News
Travel & Tourism in LAC set to add US$206b. over the next decade
WTTC joins IDB and ABD in launching new Task Force to elevate Travel & Tourism as a pillar of regional development across Latin America and the Caribbean (LAC). SANTO DOMINGO, DOMINICAN REPUBLIC – The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank Group (IDB), announced the launch of the Tourism Task Force under the Americas Business dialogue (ABD) – a public-private platform to elevate Travel & Tourism as a key driver of growth, jobs, and resilience across Latin America and the Caribbean (LAC). The Task Force will convene throughout 2025 to shape policy recommendations and investment strategies. Its conclusions will be presented at the Summit of the Americas in Punta Cana this December, offering a blueprint for regional collaboration in Travel & Tourism. The launch comes at a critical moment, as WTTC unveils new figures that highlight the growing importance of the Travel & Tourism sector to the region's prosperity. Travel & Tourism: A Key Asset for LAC According to the latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, Travel & Tourism contributed US$714 billion to LAC's economy in 2024, accounting for 10% of the region's total GDP. It also supported 28.2 million jobs, or one in every 11 jobs across the region. International visitors spend reached US$144.4 billion last year, providing a vital source of export income for many national economies. Christopher Imbsen, WTTC VP Policy, said: 'Travel & Tourism is one of the most powerful levers for inclusive economic growth in Latin America and the Caribbean. The region has a generational opportunity to put Travel & Tourism at the centre of their development agenda. With the ABD Task Force now in place, we can drive smarter investment, unlock growth, and deliver jobs and opportunity at scale.' Fabrizio Opertti, IDB Sector Manager of Productivity, Trade, and Innovation, said: 'The newly established Tourism Task Force within the Americas Business Dialogue underscores our commitment to positioning the sector as a key engine of economic growth and development in Latin America and the Caribbean. At the IDB, in close collaboration with our private sector partners, we are working to support and promote the region's vast tourism potential into tangible and impactful outcomes: greater investment, more jobs, and sustainable regional growth.' A Decade of Opportunity: 2035 Projections Looking ahead, the next decade offers unprecedented opportunity. By 2035, the Travel & Tourism sector could contribute US$944.8 billion to the regional economy and support more than 35.4 million jobs. Compared to 2025, this would represent an additional US$206 billion in economic value and 6 million new jobs, reflecting the sector's unique ability to scale inclusive and sustainable growth. Priorities for Action and Growth To unlock the sector's full potential, WTTC highlights five core enablers for sustainable tourism growth in LAC: talent and employment, resilient infrastructure & connectivity, digital transformation, business environment and access to finance. However, challenges persist. Tourism investment across LAC continues to trail behind global benchmarks. Creating a more investment-friendly environment will be crucial, demanding bold reforms, improved regulation, and stronger collaboration between the public and private sectors. With the ABD Tourism Task Force now in motion, the region has a unique opportunity to place Travel & Tourism at the heart of its long-term development agenda.
Hospitality Net
28-05-2025
- Business
- Hospitality Net
WTTC Forecasts Brazil's Travel & Tourism Sector to Surpass US$167 Billion Contribution by 2025
Rio de Janeiro, Brazil - During its participation in the Visit Brazil Summit, the World Travel & Tourism Council (WTTC) has unveiled a very positive outlook for Brazil's Travel & Tourism sector this year, with a projected contribution of US$167.6 billion to the country's GDP, representing 7.7% of the national economy. According to WTTC's latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, Brazil's Travel & Tourism sector is on course to break all previous records across key indicators by the end of 2025. The sector is forecast to support 8.2 million jobs in Brazil by year-end, representing almost 8% of total employment in the country and seeing an increase of more than 500,000 jobs compared to 2019. Both international and domestic tourism spend are set for continued growth, projected to reach US$7.5 billion and US$113.2 billion respectively. A look back to 2024 In 2024, the sector had already surpassed its 2019 peak levels across all key metrics. According to the same study, Brazil's Travel & Tourism sector contributed nearly US$167 billion to GDP last year, representing an annual growth of 3.4%. Employment reached 8.1 million jobs, reflecting a year-on-year increase of almost 4%. International visitor spend rose by 10.7% year-on-year to US$7.2 billion, while domestic spend grew by 3% to US$112.3 billion. Brazil is a country of extraordinary tourism potential. Its natural diversity, rich cultural heritage, and unique range of experiences make it a key destination in the region. The growth we are witnessing reflects a strategic effort by both government and the private sector. Now is the time to build on this momentum: expanding air connectivity, investing in infrastructure and developing tourism products that reach beyond the major urban hubs. Virginia Messina, WTTC Executive Vice President In 2024, leisure travel accounted for 89.9% of total travel spend, compared to 10.1% for business travel. The leading source markets included Argentina (29%), the United States (11%), Chile (10%) and Paraguay (7%). Looking ahead to 2035 By 2035, WTTC projects Brazil's Travel & Tourism sector will reach nearly US$199 billion, growing at an average annual rate of 1.7%. The sector is expected to support nearly 9.7 million jobs, with more than 1.5 million new roles created over the next decade. International visitor spend could exceed US$10 billion, while domestic visitor spend is anticipated to reach US$133.5 billion, consolidating Travel & Tourism as one of the country's most dynamic and high-potential economic sectors. Regional data In 2024, the Travel & Tourism sector across Central and South America contributed US$358.7 billion to regional GDP, accounting for 7.5% of the total economy and exceeding 2019 levels by more than 9%. Sector employment reached 17.5 million, equivalent to 8% of total jobs in the region, with a year-on-year growth of 4.4%. In 2025, WTTC forecasts that Travel & Tourism in the region will contribute US$372 billion to GDP, representing for 7.6% of the regional economy. In addition, employment in the sector is expected to grow to 18.2 million jobs, or 8.2% of total employment in the region. For more information and to access the full factsheet, including WTTC's latest Environmental Social Research (ESR), please visit WTTC's Research Hub . About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. WTTC Press Office WTTC View source
Travel Daily News
27-05-2025
- Business
- Travel Daily News
Tourism employment in South Africa set to hit record high
South Africa's travel sector will hit record job numbers in 2025, yet GDP and international visitor spending remain below 2019 levels. LONDON, UK – New data from the World Travel & Tourism Council (WTTC) has revealed South Africa's Travel & Tourism sector is projected to reach a major milestone this year, set to support more jobs than ever before, but wider data points to a sector still in recovery mode. According to WTTC's latest Economic Impact Research (EIR), in 2025 Travel & Tourism is forecast to support 1.9 million jobs, surpassing 2019 levels and marking an all-time high, underlining its role as a key employer and major source of opportunity, with the sector accounting for 11.3% of all jobs in South Africa. Domestic visitor spending continues to show stronger resilience, with 2025 total forecast at ZAR 445 billion, 3.8% above 2019 levels. But while employment is set to reach an all-time high and domestic spending continues to grow, Travel &Tourism's contribution to GDP and international visitor spend, continues to lag. Travel & Tourism's total contribution to the economy is projected to reach ZAR 659.8bn., equivalent to 8.9% of national GDP, but still 3.4% shy of the 2019 peak. International visitor spending, while set to grow steadily, is expected to remain below pre pandemic levels at ZAR 128.4bn., trailing 2019 by ZAR 37.7bn. Julia Simpson, WTTC President & CEO, said: 'South Africa's Travel & Tourism sector is slowly turning the corner. Jobs are leading the recovery, with employment expected to reach new highs, showing the enormous human impact of the sector's growth. As South Africa takes on the G20 Presidency in 2025, it has a unique opportunity to place Travel & Tourism at the heart of its agenda. WTTC is delighted to be working with Minister Patricia de Lille, a truly dynamic Minister, in contributing to the G20 process, including an Investment Summit in September.' Drawing from 2024 In 2024, WTTC South Africa's Travel & Tourism contributed ZAR 618.7bn. to the nation's economy – 9.4% below 2019, whilst the sector employed 1.8mn. people. International visitor spending reached ZAR 116.5BN, whilst domestic spending hit ZAR430bn. A Decade of Opportunity WTTC believes that with the right national priorities, strengthened public-private collaboration under the powerful leadership of Minister Patricia de Lille, South Africa can unlock a new era of unprecedented growth. The global tourism body forecasts strong momentum through 2035, with Travel & Tourism adding an additional 620,000 new jobs, reaching a total of 2.6mn. – 13.8% of the country's workforce. The sector's economic contribution could grow to ZAR 911.7bn., representing a 10.3% share of GDP.
Hospitality Net
26-05-2025
- Business
- Hospitality Net
Global Travel & Tourism to Reach New Heights in 2025
Riyadh, Saudi Arabia - The World Travel & Tourism Council's (WTTC) is forecasting that international visitor spending will break all previous records this year, reaching an unprecedented $2.1TN - $164BN more than the 2019 peak. The sector's total global economic contribution is set to reach $11.7TN this year, 10.3% of global GDP, while jobs supported by the sector are expected to rise by 14MN, reaching 371MN worldwide, more than the entire population of the U.S. But while the sector is surging overall, momentum in some major economies is slowing. According to the research, the U.S., still the world's largest Travel & Tourism market, continues to lag, with international visitor spend trailing 2019 levels. In China, while international spending was above pre-pandemic levels last year, growth is expected to slow sharply in 2025. Saudi Arabia Surges Ahead Against this backdrop, Saudi Arabia is writing its own success story. WTTC's latest data shows Travel & Tourism is expected to inject SAR 447.2BN into the economy this year - a new record and a bold statement of intent from one of the world's fastest-growing destinations. Travel & Tourism is set to contribute more than 10% of Saudi Arabia's GDP in 2025, with sector employment projected to reach an all-time high of 2.7MN. This success is fuelled by impressive levels of international and domestic spending, with inbound visitor spending forecast to hit almost SAR 200BN this year, whilst domestic spending is also expected to soar to a record SAR 162.5BN. Saudi Arabia is fast becoming a global tourism powerhouse. A Sector Transformed Thanks to the leadership of His Excellency Ahmed Al Khateeb, Saudi Arabia's Travel & Tourism sector is not just growing, it's thriving. The Kingdom is redefining what's possible, and will not only meet, but exceed the ambitions of Vision 2030. Julia Simpson, WTTC President & CEO Middle East Growth Across the wider region, the Middle East's Travel & Tourism is expected to contribute $367.3BN to the regional economy, and support 7.7MN jobs this year. International visitor spending is set to reach almost $194BN this year, 24% above 2019 levels, whilst spending from domestic travellers is expected to hit almost $113BN. For more information and to access the full factsheet, including WTTC's latest Environmental Social Research (ESR), please visit WTTC's Research Hub. About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. View source
