June 22, 2024

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Canada’s Tourism Industry Ready to Mark a Historic Year as Contribution to Its Economy Set to Reach $182 Billion

Canada’s tourism industry is expected to mark a historic year, contributing nearly $182 billion to its economy in 2024.

The latest World Travel & Tourism Council (WTTC) report shows that such a figure will reach an all-time high, representing an additional $8.1 billion over its previous peak, VisaGuide.World reports.

The same authority revealed that this year, the tourism sector is expected to support a total of 1.84 million Canadian jobs, which means an increase of 120,000 jobs compared to 2019.

At the same time, spending by international and domestic tourists is projected 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

According to WTTC forecasts, the outlook for the next decade is also positive. Thus, the WTTC said that by 2034, the sector would dramatically improve Canada’s economy, contributing about $248 billion and making up 7.1 percent of the overall economic landscape.

This industry’s primary source of prosperity will undoubtedly be creating jobs, which is expected to employ 2.3 million people throughout the country. Such forecast indicates that ten percent of the workforce will be engaged in this sector.

Travel & Tourism is set to break all records in Canada. The government backed Tourism Growth Program, with its $108MN in federal funding, will further boost both the economy and jobs over the coming year.

WTTC President & CEO, Julia Simpson

2023 Marked Revival in Terms of International Visitors to Canada

Even last year, Canada’s Travel and Tourism sector grew by 25 percent year-over-year to reach almost $172 billion, representing six percent of Canada’s total economic output.

During this time, 85,000 new jobs were created, bringing the total to 1.7 million nationwide.  Moreover, the resurgence of international visitors to Canada has been powerful, with global spending increasing by 42 percent to reach $41.3 billion.

WTTC’s 2023 research revealed that the recovery of the tourism sector showed positive signs after the damage caused by the Coronavirus pandemic.

In this regard, WTTC said that during this time, the sector contributed 162.6 billion dollars to the Canadian economy, with an increase of 17.2 percent compared to 2022. The sector also created approximately 90,000 jobs, recovering almost all jobs lost due to the COVID-19 pandemic to reach 1.64 million.

However, in January of this year, the National Bank of Canada declared that the country was experiencing an unprecedented economic downturn. As a result, GDP per person decreased by 4.4 percent annually in the third quarter of 2024, while Canadian business owners expressed concern about domestic demand.

Canada Authorities said they planned to welcome nearly 1.5 million new immigrants between 2024 and 2026, marking a significant increase from last year.