Canada’s tourism industry is expected to have a historic year in 2024, contributing approximately $182 billion to the economy.
The latest report from the World Travel and Tourism Council (WTTC) puts the figure at a record high, representing an $8.1 billion increase on the previous peak, VisaGuide.World reported.
The agency said the tourism sector is expected to support a total of 1.84 million Canadian jobs this year, representing an increase of 120,000 jobs compared to 2019.
At the same time, spending by international and domestic tourists is expected to reach a total of $43.7 billion and $95.2 billion, respectively.
Canada’s economy is expected to improve dramatically over the next decade
The outlook for the next decade is also bright, according to WTTC’s projections, which is why the WTTC says that by 2034, the sector will dramatically improve Canada’s economy, contributing around $248 billion and accounting for 7.1% of the total economy.
The primary source of prosperity for this industry is undoubtedly the creation of jobs, with an estimated 2.3 million jobs expected across the country. This projection suggests that 10% of the workforce will be employed in this sector.
Canada’s travel and tourism industry is poised to break all records, and a government-backed tourism growth program with $108 million in federal funding will further boost both the economy and jobs in the year ahead.
Julia Simpson, President and CEO, WTTC
International visitor numbers to Canada set to rebound in 2023
Even last year, Canada’s travel and tourism sector grew 25% year-on-year to approximately $172 billion, accounting for 6% of Canada’s total economic product.
During this time, 85,000 new jobs were created, bringing the national total to 1.7 million. Additionally, there was a strong recovery in international visitors to Canada, with worldwide spending increasing 42 percent to $41.3 billion.
WTTC’s 2023 survey revealed that the tourism sector’s recovery is showing positive signs after the damage caused by the coronavirus pandemic.
In this regard, the WTTC noted that during the period, the sector contributed $162.6 billion to the Canadian economy, an increase of 17.2% compared to 2022. The sector also created approximately 90,000 jobs, recovering almost all the jobs lost due to the COVID-19 pandemic, reaching 1.64 million.
But in January of this year, the National Bank of Canada declared the country was experiencing an unprecedented economic downturn, projecting GDP per capita to fall 4.4% year-on-year in the third quarter of 2024, and prompting Canadian business leaders to express concern about domestic demand.
Canadian officials have said they plan to admit about 1.5 million new immigrants between 2024 and 2026, a significant increase from last year.
