Travel and Tourism Sector Forecast to Grow Faster Than Global GDP

Global travel and tourism is on the brink of a remarkable boom, with projections indicating that the sector will continue to outpace the broader global economy in growth. According to the latest figures from the World Travel & Tourism Council (WTTC), sponsored by Chase Travel, the industry is set to contribute a staggering $12 trillion to the global economy by 2026, accounting for 9.9% of global GDP.

Economic Growth Projections

The WTTC’s Economic Impact Research (EIR) reveals that the travel and tourism sector is expected to grow by 3.2% in the coming year, significantly surpassing the anticipated 2.4% growth of the global economy. This growth is not just a short-term trend; it is projected that the sector will support 376 million jobs worldwide by 2026, which translates to approximately one in every nine jobs globally.

Job Creation and Economic Contribution

Over the next decade, the travel and tourism sector is forecasted to create nearly 89 million new jobs, contributing to about one-third of all new jobs expected across the global economy. This robust job creation is accompanied by a projected annual average growth rate of 3.6% for travel and tourism GDP, compared to the broader economy’s 2.4%.

Factors Driving Growth

The WTTC emphasizes that continued investment in infrastructure, digital technology, destination management, workforce training, and international connectivity will be crucial for sustaining long-term growth. The increasing integration of artificial intelligence and new technologies is expected to enhance traveler experiences, improve operational efficiency, and foster workforce development across the industry.

Regional Insights: Europe

In Europe, the travel and tourism sector is projected to grow faster than the overall regional economy in 2026. While the European GDP growth is expected to hover around 1%, the travel and tourism GDP is forecasted to grow by 3.6%. This growth is fueled by a 7.1% increase in international visitor spending, surpassing the global average of 3.7%. Many travelers are opting for destinations closer to home due to geopolitical uncertainties and evolving travel patterns.

Southern European Destinations

Southern European countries are expected to maintain steady growth in their travel and tourism sectors. For instance, Spain’s travel and tourism sector is projected to grow by 3.7% in 2026, while Italy is expected to see a growth rate of 3.8%. Notably, international visitor spending in Spain is anticipated to rise by 5.3%.

In 2025, Spain welcomed an impressive 96.8 million international visitors, solidifying its status as one of the most visited destinations in Europe. The country also recorded €115.1 billion (approximately $130.1 billion) in international visitor spending during that year.

Leadership Insights

Gloria Guevara, President and CEO of WTTC, highlighted that the travel and tourism sector continues to play a vital role in supporting economic activity across Europe, particularly during periods of slower overall economic growth. She emphasized that investment, connectivity, and favorable travel policies will be essential for maintaining the sector’s momentum in the years to come.

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