One dollar out of every USD10 spent globally in 2024 will be on travel, a record number, according to the annual report of the World Travel and Tourism Council (WTTC).

WTTC estimates that the sector's contribution to global GDP in 2024 will increase by 12.1 per cent year-on-year to $11.1 trillion, equivalent to 10 per cent of global GDP, an increase of about 7.5 per cent over the previous record set in 2019, according to what was reported Thursday by the CNBC.

It is expected that travel spending in the American, Chinese and German economies will contribute more to GDP.

The Council expects the sector to support nearly 348 million jobs in 2024, or 13.6 million more jobs than in 2019, the previous record before the pandemic.