Global tourism is projected to serve 30 billion tourist trips by 2034, contributing $16 trillion to global GDP and representing more than 11 per cent of the total world economy, according to a new World Economic Forum report.
The report, titled “Travel and Tourism at a Turning Point: Principles for Transformative Growth,” was produced in collaboration with Kearney and the Ministry of Tourism of Saudi Arabia. It reveals that the tourism sector is expanding 1.5 times faster than the global economy, generating significant commercial opportunities as long as mounting challenges of climate change, labour shortages and infrastructure gaps are addressed.
Asia to lead global tourism growth
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 per cent across the region by 2034. India and China alone will represent more than 25 per cent 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.
High-growth segments like sports tourism are projected to hit $1.7 trillion by 2032, while ecotourism is growing at a 14 per cent compound annual growth rate, redefining travel priorities. The global travel technology market, worth $10.5 billion in 2024, is set to nearly double by 2033, as 91 per cent 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.
However, the report also flags significant risks. Travel and tourism currently accounts for 8 per cent of global greenhouse gas emissions, a figure that without intervention could rise to 15 per cent by 2034. Waste generated by tourists is expected to reach 205 million tons annually, equivalent to 7 per cent of the world’s solid waste.
Workforce shortages are escalating, with the UK alone seeing 53 per cent turnover in 2022–2023, while the US hospitality industry continues to lag in hiring despite 16 per cent-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 realising 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.”
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.”
Having welcomed 100 million visitors in 2023, Saudi Arabia is on a steadfast journey toward its goal of 150 million visitors by 2030.
