Travel To Make Up 1 In 9 Jobs By 2033 With $15.5T Economy: Report

By 2033, the Travel industry is reportedly expected to account for more than 11.6% of the global economy.

The projection, in terms of value, will total $15.5 trillion, reported Bloomberg, citing the World Travel & Tourism Council (WTTC).

The industry will provide employment to 430 million people by 2033, compared to 334 million in 2019, making up 1 in every 9 jobs worldwide.

"Economists are saying that the global GDP is going to grow on an annualized basis about 2.6% a year," the report quoted Julia Simpson, president and chief executive officer at the World Travel & Tourism Council.

"In travel and tourism, we're expecting [annual growth of] about 5.1%."

The U.S. travel industry will reach $3 trillion by 2033, representing 10.1% of the economy, whereas the China sector will grow to $4 trillion and 14.1% of the country's economy.

In 2022, according to the WTTC, the top five most powerful travel and tourism economies include the U.S., China, Germany, U.K. and Japan.

Other countries, including France, Mexico, Italy, India and Spain, constituted the top 10 travel and tourism economies in the world.