Latest news with #TravelandTourismataTurningPoint:PrinciplesforTransformativeGrowth
Observer
2 days ago
- Business
- Observer
Global tourism will reach 30 billion trips by 2034
The World Economic Forum has today published a new report forecasting that the travel and tourism industry is projected to serve 30 billion tourist trips by 2034. Travel and Tourism at a Turning Point: Principles for Transformative Growth reveals a projected $16 trillion contribution to global GDP by the same year, representing more than 11% of the total world economy, according to World Travel & Tourism Council estimates. The report also found that the sector is expanding 1.5 times faster than the global economy, generating significant commercial opportunities as long as the mounting challenges of climate change, labor shortages, and infrastructure gaps are addressed. Asia is on track to become the world's fastest-growing tourism economy, with the direct travel and tourism GDP contribution expected to exceed 7% across the region by 2034. Notably, India and China alone will represent more than 25% of all outbound international travel by 2030. Countries such as Sri Lanka, Thailand, Indonesia, and Saudi Arabia are also poised for significant growth, driven by substantial investment in their tourism sectors. This momentum is leading to a rise in international arrivals, increased tourism-related business activity, and greater global visibility. Sports and technology Equally, high-growth segments like sports tourism, projected to hit $1.7 trillion by 2032, and ecotourism which is growing at 14% CAGR, are redefining travel priorities. The global travel technology market, worth $10.5 billion in 2024, is set to nearly double by 2033, as 91% of industry tech leaders anticipate aggressive investment increases. To support this boom, the industry will need to expand significantly, requiring an estimated 7 million new hotel rooms, 15 million additional flights annually, and investment in infrastructure capable of supporting 30 billion trips globally. Risks and opportunities However, the report also flags significant risks. Travel and tourism currently account for 8% of global greenhouse gas emissions, a figure that, without intervention, could rise to 15% by 2034. Waste generated by tourists is expected to reach 205 million tons annually, equivalent to 7% of the world's solid waste. At the same time, workforce shortages are escalating. The UK alone saw 53% turnover in 2022–2023, while the US hospitality industry continues to lag in hiring despite 16%-above-inflation wage increases. Without decisive, coordinated action, the sector could face up to $6 trillion in lost revenue by 2030 from future disruptions, missing its potential to become a true driver of resilience, inclusion, and regeneration. Børge Brende, President and CEO of the World Economic Forum, said: 'As global travel accelerates, we are standing at a pivotal crossroads. The sector's potential to drive inclusive prosperity, cultural understanding, and environmental regeneration is immense—but realizing this opportunity will require more than incremental change. 'It calls for a bold reimagining of the systems that underpin travel and tourism, anchored in multistakeholder collaboration. From aligning sustainable fuel standards to empowering local communities in tourism planning, the time has come to redesign the rules to create a sector that works better for people and the planet. This report offers a blueprint to guide that transformation and unlock tourism's full promise in a rapidly evolving world.'
Arabian Post
2 days ago
- Business
- Arabian Post
Saudi Crown Charts Tourism Surge Ahead of 2034 Boom
Global tourism is projected to reach 30 billion trips by 2034 and contribute $16 trillion to world GDP, growing 1.5 times faster than the global economy, according to the World Economic Forum's latest report. Amid this surge, Saudi Arabia is emerging as a pivotal force, ranking the second fastest-growing tourism destination and leading global investments in innovation, infrastructure, and sustainability The WEF report, Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced with Kearney and the Saudi Ministry of Tourism, highlights the Kingdom's rapid evolution. Under Vision 2030, it aims to attract 150 million visitors by 2030, underpinned by major mega-projects like NEOM, Soudah Peaks in Asir, Trojena, Al‑Ula, and the Red Sea Project. These initiatives reflect bold efforts to diversify beyond oil and position Saudi Arabia as a global tourism and cultural hub. Minister of Tourism Ahmed Al Khateeb emphasises that tourism goes beyond economic benefit; it fosters cultural diplomacy and long‑term resilience. He asserts that developing 'regenerative destinations, future‑ready infrastructure, and talent pipelines' is central to both national growth and shaping future global tourism. Saudi Arabia's investments via the Quality of Life Program—backed by a US$34.6 billion budget—underscore its commitment to improving recreation and entertainment infrastructure while supporting emerging tourism projects. ADVERTISEMENT Saudi mega-developments like NEOM's Sindalah island and the mountain resorts of Soudah Peaks and Trojena illustrate the Kingdom's integrated approach. Sindalah, an ultra‑luxury island destination opened in October 2024, with 85‑berth marina and high‑end amenities, aims to host 2,400 visitors daily by 2028. Soudah Peaks, a US$7.7 billion project nestled in the Asir Mountains, targets two million annual visitors by 2033 and aims to contribute US$7.8 billion to GDP. Trojena, designed as a year‑round mountain resort with skiing and adventure tourism, continues despite budget pressures, though a 2023 audit flagged soaring costs and alleged financial irregularities. Globally, Asia is highlighted as the fastest‑growing tourism region, with India and China expected to account for over 25% of outbound trips by 2030. Within this broader context, Saudi Arabia stands out for its strategic role in shaping global travel through luxury endeavours, sports tourism, ecotourism, and travel tech investment. Rapid industry expansion demands extensive infrastructure: an additional 7 million hotel rooms, 15 million flights annually, and substantial investments in transport and hospitality—areas where Saudi Arabia is heavily investing. Yet, the WEF report raises red flags: tourism already accounts for approximately 8% of global greenhouse gas emissions and that share could climb to 15% by 2034 if unchecked. Tourist‑derived waste is expected to reach 205 million tonnes annually—about 7% of global solid waste—and acute labour shortages plague countries worldwide, with UK turnover at 53% and US firms struggling with rising wages. WEF President Børge Brende warns of potential losses of up to $6 trillion by 2030 due to inadequate planning and lack of collaboration. He calls for transformative public‑private partnerships and sustainable fuel standards to underpin the sector's future. Kearney's Bob Willen echoes this, highlighting the need for investment in green infrastructure, workforce support, cultural preservation, and community benefit. Saudi Arabia appears poised to lead this shift. Its Vision 2030 agenda is channeling funds into infrastructure, entertainment, and training to support the projected 150 million annual visitors. Initiatives like cinemas, tourism visas, and Quality of Life enhancements are central to this strategy. By aligning mega-projects with sustainability and community inclusion objectives, Riyadh seeks to set an example of responsible tourism transformation.
Business Wire
4 days ago
- Business
- Business Wire
Global Tourism Surging Ahead of Economic Growth, With Visits to Hit 30 Billion by 2034
LONDON--(BUSINESS WIRE)-- The World Economic Forum has today published a new report forecasting that the travel and tourism industry is projected to serve 30 billion tourist trips by 2034. Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced in collaboration with Kearney and the Ministry of Tourism Saudi Arabia, reveals a projected $16 trillion contribution to global GDP by the same year—representing more than 11% of the total world economy, according to World Travel & Tourism Council estimates. The report also found that the sector is expanding 1.5 times faster than the global economy, generating significant commercial opportunities as long as the mounting challenges of climate change, labour shortages and infrastructure gaps are addressed. Inbound and outbound trips increasing fast Asia is on track to become the world's fastest-growing tourism economy, with the direct travel and tourism GDP contribution expected to exceed 7% across the region by 2034. Notably, India and China alone will represent more than 25% of all outbound international travel by 2030. Countries such as Sri Lanka, Thailand, Indonesia, and Saudi Arabia are also poised for significant growth, driven by substantial investment in their tourism sectors. This momentum is leading to a rise in international arrivals, increased tourism-related business activity and greater global visibility. Sports and technology Equally, high-growth segments like sports tourism, projected to hit $1.7 trillion by 2032, and ecotourism which is growing at 14% CAGR, are redefining travel priorities. The global travel technology market, worth $10.5 billion in 2024, is set to nearly double by 2033, as 91% of industry tech leaders anticipate aggressive investment increases. To support this boom, the industry will need to expand significantly—requiring an estimated 7 million new hotel rooms, 15 million additional flights annually and investment in infrastructure capable of supporting 30 billion trips globally. Risks and opportunities However, the report also flags significant risks. Travel and tourism currently accounts for 8% of global greenhouse gas emissions, a figure that without intervention could rise to 15% by 2034. Waste generated by tourists is expected to reach 205 million tons annually, equivalent to 7% of the world's solid waste. At the same time, workforce shortages are escalating. The UK alone saw 53% turnover in 2022–2023, while the US hospitality industry continues to lag in hiring despite 16%-above-inflation wage increases. Without decisive, coordinated action, the sector could face up to $6 trillion in lost revenue by 2030 from future disruptions, missing its potential to become a true driver of resilience, inclusion and regeneration. Børge Brende, President and CEO of the World Economic Forum, said: 'As global travel accelerates, we are standing at a pivotal crossroads. The sector's potential to drive inclusive prosperity, cultural understanding and environmental regeneration is immense—but realizing this opportunity will require more than incremental change. 'It calls for a bold reimagining of the systems that underpin travel and tourism, anchored in multistakeholder collaboration. From aligning on sustainable fuel standards to empowering local communities in tourism planning, the time has come to redesign the rules to create a sector that works better for people and the planet. This report offers a blueprint to guide that transformation and unlock tourism's full promise in a rapidly evolving world.' His Excellency Ahmed Al-Khateeb, Minister of Tourism for the Kingdom of Saudi Arabia, said: "This report cements a global truth: tourism is not just a siloed, standalone industry—it is an engine for economic growth, cultural understanding, and international cooperation that influences all aspects of the world's experience-driven economy. As the sector expands, the global community must lead with purpose—reimagining tourism to be more sustainable, inclusive, and resilient. 'In Saudi Arabia, we're investing in regenerative destinations, future-ready infrastructure, and talent development—not only to welcome 150 million visitors by 2030, but to help shape and support the future of global tourism. The story being written about tourism of the future is one of transformation, and we invite the world to be part of it.' Bob Willen, Managing Partner and Chairman at Kearney, added: 'Tourism is a powerful driver of jobs, culture and economic growth around the world. As the industry grows to meet the needs of billions more travellers, it also needs to evolve. That means using technology responsibly, supporting workers and small businesses, protecting the planet, and making sure local communities truly benefit. 'The principles in our report lay out a practical path forward from investing in greener infrastructure and building a more inclusive workforce, to preserving cultural heritage and planning for future crises. It's about creating a travel and tourism sector that's not just bigger, but works in everyone's interests.' Notes to editors Travel and Tourism at a Turning Point: Principles for Transformative Growth is published by the World Economic Forum in collaboration with Kearney and the Kingdom of Saudi Arabia. The report draws on global data, expert interviews and scenario modelling to set out a roadmap for a sustainable and inclusive tourism future. About Kearney Since 1926, Kearney has been a leading management consulting firm and trusted partner to three-quarters of the Fortune Global 500 and governments around the world. With a presence across more than 40 countries, our people make us who we are. We work impact first, tackling your toughest challenges with original thinking and a commitment to making change happen together. By your side, we deliver—value, results, impact. About the World Economic Forum The World Economic Forum, committed to improving the state of the world, is the international organization for public-private cooperation. The Forum engages the foremost political, business, and other leaders of society to shape global, regional, and industry agendas. ( About the Ministry of Tourism of Saudi Arabia The Ministry of Tourism of Saudi Arabia, established in the year 2000, is at the forefront of transforming the Kingdom into the most attractive global destination for tourists and investors. Dedicated to realizing Saudi Arabia's ambitious Vision 2030, the Ministry focuses on long-term growth through innovative policies, strategic investments, and the development of national human capital. With a mission centered on enabling accelerated and sustainable growth, it employs data-driven strategies and integrated delivery mechanisms, all while staying true to the country's rich Arabian authenticity. The Ministry is deeply committed to sustainability, aiming to lead by example in minimizing environmental impact and promoting eco-friendly tourism practices that ensure the preservation of natural resources for future generations. By aspiring to captivate hearts and minds of global audience, the Ministry opens Saudi Arabia's doors to the world, creating a tourism sector where transformative stories are experienced daily. Having welcomed 100 million visitors in 2023, Saudi Arabia is on a steadfast journey toward its goal of 150 million visitors by 2030. As the guiding force behind Saudi Arabia's tourism sector transformation, the Ministry champions cutting-edge regulations, fosters successful collaborations and cultivates talent. This commitment positions the Kingdom to welcome the world, fueling the realization of Vision 2030 and showcasing a sustainable and vibrant future.
