The travel and tourism industry is projected to serve 30 billion tourist trips by 2034, a new report by the World Economic Forum revealed.
The report titled Travel and Tourism at a Turning Point: Principles for Transformative Growth, produced in partnership with Kearney and the Ministry of Tourism of Saudi Arabia, underscores a projected $16 trillion contribution to global GDP by that same year—accounting for more than 11 percent of the entire world economy, based on estimates from the World Travel & Tourism Council. Additionally, the report indicates that this sector is growing 1.5 times faster than the global economy, creating substantial commercial opportunities, provided that the escalating challenges of climate change, labor shortages, and infrastructure deficits are effectively tackled.
Inbound and outbound trips increasing fast
Asia is poised to emerge as the world’s fastest-growing tourism economy, with the direct travel and tourism GDP contribution expected to surpass 7 percent across the region by 2034. Notably, India and China together are projected to constitute more than 25 percent of all outbound international travel by 2030.
Countries such as Sri Lanka, Thailand, Indonesia, and Saudi Arabia are also set for considerable growth, fueled by significant investments in their tourism sectors. This upward momentum is resulting in increased international arrivals, heightened tourism-related business activity, and enhanced global visibility.
Sports and technology
In parallel, high-growth segments like sports tourism, anticipated to reach $1.7 trillion by 2032, and ecotourism, expanding at a 14 percent CAGR, are reshaping travel priorities. The global travel technology market, valued at $10.5 billion in 2024, is on track to nearly double by 2033, as 91 percent of industry tech leaders predict substantial investment increases.
To accommodate this surge, the industry will need to scale up significantly—demanding an estimated 7 million new hotel rooms, 15 million additional flights yearly, and investments in infrastructure capable of supporting 30 billion trips worldwide.
Risks and opportunities
However, the report also highlights considerable risks. Travel and tourism currently contributes to 8 percent of global greenhouse gas emissions, a figure that could escalate to 15 percent by 2034 without intervention. Waste generated by tourists is projected to hit 205 million tons annually, equivalent to 7 percent of the world’s solid waste. Concurrently, workforce shortages are becoming increasingly severe. The UK alone experienced a 53 percent turnover in 2022–2023, while the US hospitality sector continues to struggle with hiring despite wage increases exceeding 16 percent above inflation.
Without decisive and coordinated action, the sector could potentially incur up to $6 trillion in lost revenue by 2030 due to future disruptions, thereby failing to fulfill its potential as a true driver of resilience, inclusion, and regeneration.
Børge Brende, president and CEO of the World Economic Forum, remarked: “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.”
Role of tourism in economic growth
His Excellency Ahmed Al-Khateeb, Saudi Arabia’s minister of Tourism, stated: “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 travelers, it also needs to evolve. That means using technology responsibly, supporting workers and small businesses, protecting the planet, and ensuring that local communities genuinely 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.”
