Travel & Tourism Development | World Economic Forum

#Resilience, #Sustainability, #Tourism, #Travel

Post-pandemic, the travel and tourism sector is recovering, but faces challenges requiring sustainable strategies.

The 2024 Travel & Tourism Development Index highlights a mixed recovery for the sector, with 71 of the 119 economies improving their scores. While international tourist arrivals and contributions to global GDP are expected to return to pre-pandemic levels, regional disparities and ongoing challenges remain. These include labour shortages, inflation, and infrastructure limitations, which affect the balance between demand and supply.

Despite growth in travel demand, the industry is grappling with high operational costs, fuel prices, and a slow recovery of non-leisure travel such as business tourism. The index underscores the need for governments and stakeholders to adopt more sustainable and resilient approaches to tourism development. Notably, environmental sustainability and the social impact of tourism are gaining attention, with policies encouraging responsible consumption and energy transition.

The top performers in the index are largely high-income economies, led by the United States, Spain, and Japan, due to their strong infrastructure, open travel policies, and abundant natural and cultural resources. However, emerging economies like Indonesia and Brazil are showing significant improvements, capitalizing on their natural and cultural assets for tourism-led development.

Moving forward, the travel and tourism sector is expected to play a key role in addressing global challenges such as climate change, economic inequality, and technological innovation. The focus on sustainability and resilience is crucial for future growth, with efforts directed towards balancing economic development and environmental protection.

Read the full document here: https://bit.ly/4dNsc1R