[ad_1]
The World Travel & Tourism Council’s (WTTC) 2024 Economic Impact Research (EIR) has unveiled a remarkable upsurge in Qatar’s Travel & Tourism sector. Last year witnessed unprecedented highs in GDP contribution, job creation, and domestic traveler expenditure, surpassing previous records.
In 2023, the sector’s GDP contribution soared by 31%, reaching a historic QAR 81.2BN, constituting 10.3% of Qatar’s total economic output, underscoring its pivotal role in the national economy. Employment in the sector burgeoned with over 20,300 new positions, totaling nearly 286,000 jobs nationwide, accounting for one in every eight jobs across the country. Domestic visitor spending surged to QAR 1.4BN.
Despite hosting the FIFA World Cup the preceding year and experiencing a 40% surge in spending by foreign visitors to QAR 60.4BN, it still trailed the previous peak by QAR 1.2BN.
Looking ahead to 2024, Travel & Tourism is poised to make record-breaking contributions to Qatar’s economy, expected to reach QAR 90.8BN (11.3% of the total) and support over 334,500 jobs nationwide (15.8% of the total workforce). International traveler expenditure is forecasted to escalate to a record QAR 69.6BN, while domestic spending is projected to hit QAR 12BN.
This success underscores the government’s commitment to fostering collaboration between the public and private sectors to enhance Qatar’s Travel & Tourism landscape, crafting diverse and immersive experiences for visitors. Through dedicated working groups spanning various industries, ongoing meetings are planned to address challenges and harness private sector expertise to propel the growth of Travel & Tourism.
Julia Simpson, WTTC President & CEO, said; “Qatar’s Travel & Tourism sector is poised to break records this year, highlighting its significance as a leading destination in the Middle East.
“While international visitor spending is lagging behind the previous peak, the government’s efforts and emphasis in collaboration will propel Qatar’s Travel & Tourism growth, setting the stage to play a crucial role in the national economic landscape, promising a future defined by prosperity and opportunity.”
What Does the Next Decade Hold for Tourism?
According to forecasts from the global tourism authority, by 2034, the tourism sector is anticipated to significantly increase its annual GDP contribution to over QAR 135 billion, representing nearly 13% of Qatar’s economy. Additionally, it is projected to provide employment for nearly 458,000 individuals across the country, with one in every five residents finding employment within the sector.
In the Middle East:
The Travel & Tourism sector in the Middle East witnessed remarkable growth in 2023, expanding by over 25% to reach a value of nearly $460 billion. Job opportunities surged to nearly 7.75 million, while international spending soared by 50% to reach $179.8 billion. Moreover, domestic visitor spending experienced a notable uptick of 16.5%, surpassing $205 billion.
Looking ahead, the World Travel & Tourism Council (WTTC) anticipates sustained growth in Travel & Tourism throughout the region in 2024. The GDP contribution is forecasted to escalate to $507 billion, with job opportunities projected to reach 8.3 million. International visitor spending is expected to climb to $198 billion, while domestic visitor spending is forecasted to exceed $224 billion.
The post Record Surge: Qatar’s Travel & Tourism Sector Propels Economic Growth to New Heights World Travel & Tourism Council Study Finds appeared first on Travel And Tour World.
[ad_2]
Source link
