1.5 billion tourists over five continents raked $11tn into the global economy in 2024, surpassing pre-COVID levels. Meanwhile, North Africa broke records as a new hot-spot destination.
By the end of 2024, global tourism recovered in most markets following a three-year hiatus brought on by the COVID-19 pandemic.
The rebound extended across all continents. Europe maintained its status as the world’s leading tourist destination, bolstered by its hosting of various sports and cultural events. For their part, the Middle East and North Africa recorded unprecedented growth—with tourism revenues surpassing pre-pandemic levels by more than 29%—despite geopolitical upheavals, economic crises, and severe climate changes in some regions.
Analysts expect an even greater tourism rebound into 2025. And if ceasefires in ongoing conflicts are brokered this year, the chances of recovery will be further bolstered. A more peaceful 2025 could mark the beginning of a more stable global order with medium-term economic recovery and widening prosperity.
Tourism typically sees an uptick following conflict resolution amid pent-up demand following wars and conflicts—a trend that has recurred for decades. There is hope that conflicts in the Middle East and the Russia-Ukraine war may begin to subside, further improving sentiment over world travel.
Because tourism accounts for 10% of global gross domestic product (GDP) it is a major contributor to global economic recovery, particularly in European, American, and Chinese markets. The tourism sector employs approximately 350 million people globally and has created 14 million new jobs since the pandemic.
Because tourism accounts for 10% of GDP, it is a major contributor to global economic recovery
Recovery takes off
And while the tourism sector remains vulnerable to economic factors such as inflation, transportation and accommodation costs, war, and climate change, 2024 was a markedly better year for the industry. According to the World Travel and Tourism Council, tourism contributed $11tn to the global economy in 2024—a 12% uptick from the previous year and 7.5% above the pre-pandemic record.
And a report by the United Nations World Tourism Organisation (UNWTO) found the sector on track for full recovery by the end of 2024. Despite ongoing economic, geopolitical, and climatic challenges, the number of tourists has already exceeded 2019 levels. During the first nine months of 2024, the global recovery rate reached 98%, with the northern hemisphere achieving a remarkable 99%. By year-end, the total number of tourists was expected to reach 1.5 billion.
Approximately one-in-eight people worldwide engaged in travel and tourism, both domestically and internationally, providing an economic boost for airlines and other forms of transport, as well as the hospitality industry and wider related industries, including live entertainment and retail sales.
Zurab Pololikashvili, secretary-general of the UNWTO, called the 2024 revenue growth "robust" and called it "excellent news for global economies", adding: "Spending on tourism has grown faster than tourist arrivals, positively impacting job opportunities, the operations of small businesses, tax revenues, and the external balance of payments in many countries."
North Africa tourism
For its part, North Africa tourism has seen unprecedented growth for the second consecutive year—particularly in Morocco, Egypt, and Tunisia—providing a critical boon for economies that heavily rely on tourism as a vital source of foreign currency. Tourism has helped boost their global credit rating and improve their negotiating position when seeking external loans. It also bolstered the local currency and provided jobs.
The tourist island of Djerba, located in the southern Mediterranean, on May 25, 2024.
The sector also helps offset losses caused by the impact of conflict, including the decline in commercial traffic through the Suez Canal due to Houthi attacks on commercial shipping off the coast of Yemen in the Red Sea. It also provides an alternative revenue stream as other economic areas take a hit from climate change, which has especially hit agriculture in Morocco and Tunisia.
Both nations have felt the strain on their purchasing power in terms of local currency due to inflationary pressures linked to global energy prices. This makes tourism all the more critical, as it helps rake in much-needed foreign currency.
Tourism revenues in North African countries were projected to exceed $30bn in 2024—a record figure. And revenues from the sector often correlate with remittances from expatriates in energy-importing North African nations. Morocco earned $20bn in revenue from both sources in the first 10 months of the year. By late November, the country had welcomed 16 million tourists, averaging 1.5 million visitors per month—a 20% increase over 2023. The bulk of tourists come from Europe—particularly France, Spain, the UK, Italy, Germany, and Portugal.
Tourism Minister Fatim-Zahra Ammo aims to bring that figure up to 26 million by 2030 to make Morocco among the world's top 15 tourist destinations.
To support this effort, Morocco will invest heavily in its tourism infrastructure, upgrading the country's 25 airports (20 international airports) and expanding the national carrier fleet by adding 200 new aircraft. It has already allocated $13bn to infrastructure development in preparation for co-hosting the 2030 FIFA World Cup with Spain and Portugal. It also plans to build new ports, hotels, sports, tourism, and technological facilities and expand its high-speed rail network by 450 kilometres.
The high-speed Buraq train, at Tangier railway station.
For its part, Egypt's tourism sector has also achieved record-breaking growth in 2024, with over 15 million visitors and revenues estimated at $14bn. Despite regional instability, the sector recorded its second consecutive record-breaking season, although it was below the Egyptian Ministry of Tourism and Antiquities' initial target of 18 million visitors.
In Tunisia, tourism revenues reached $2.2bn by November – a 6% increase – with visitor numbers potentially hitting 10 million, including tourists and expatriates. The income helped address financial imbalances, particularly as Tunisia suspended IMF negotiations for a $1.9bn loan two years ago. Tunisia requires foreign currency inflows to service $1bn in global debt, due by 30 January 2025. Tourism accounts for 9% of Tunisia's GDP and employs 400,000 people.
