Tourism sector to reach peak in 2024: Report
Business
By
Esther Nyambura
| Apr 05, 2024
Tourism and Wildlife CS Dr. Alfred Mutua feeding a baby elephant at Reteti Community Elephant Sanctuary in Samburu County. [File, Standard]
A newly released report shows that the travel and tourism sector is set to hit record-high levels in 2024.
The 2024 Economic Impact Research (EIR) released by the World Travel and Tourism Council (WTTC) estimates that the tourism sector's global economic contribution could hit up to a high of Sh1.45 trillion this year.
The research cited various reasons for the assumption including the sector's ability to match its pre-pandemic numbers despite economic uncertainties and geo-political shake-ups.
According to the Council, the tourism sector 2023 recorded the largest financial footprint since the 'golden year' of travel in 2019.
READ MORE
Ruto hosts African leaders at State House ahead of summit
Bill for two decades of failure by football officials is now due
Amsons Group pledges Sh4.5b for hospitals
Governor Waiguru banks on street lights to power Kirinyaga's 24hr economy
Governor Nassir launches construction of Kongowea Level 4 Hospital
We can bridge seed access in the face of global disruptions
CHAN rip-off: How weeks-old insurance firm pocketed Sh42 million
Families seek justice over Ishiara killings as anger mounts
KMPDU raises alarm over security and staffing at Ishiara hospital
During that year, international spending increased by 33.1 per cent, while domestic spending increased by 18 per cent, underscoring a vibrant comeback in the ever-busy sector for many countries globally.
Furthermore, nearly 330 million jobs were created.
But in 2024, the Economic Impact Research shows that the sector will contribute an additional Sh770 billion dollars, over its previous record if it continues on the same trajectory.
This, according to the Council will stamp the sector's authority as a global economic powerhouse, generating at least $11.1 trillion in total.
In return, almost 348 million jobs will be created globally, an increase from last year's record.
According to the Council, the tourism sector has fully recovered from the pandemic and the numbers are achievable.
"This isn't just about breaking records. We're no longer talking about recovery...this is a story of the sector back at its best after a difficult few years, providing a significant economic boost to countries worldwide and supporting millions of jobs," WTTC noted.
The report comes years after the world was hit by the COVID-19 pandemic, resulting in the closure of hotels and slow operations.
For close to two years, international travel and tourism were affected as countries were still recovering from the pandemic.
But WTTC notes that the sector is on its feet and is on the brink of its most transformative era yet, promising more innovation and connection,