Tourism Watch Quarterly Report: Q2 2024
As tourism growth rates moderate, value-driven opportunities arise
- Global Overview: In the second quarter of 2024, global tourism demand continues to grow at double the rate pre-COVID (8 percent year-on-year), though this is slower than in the previous quarter (19 percent) likely impacted by ongoing economic, geopolitical, and climate events. Forward-looking indicators suggest a moderation of travel in the second half of 2024, while the increasing importance of longer stays presents an opportunity to offer lower carbon footprint, more personalized and quality-driven experiences that cater to travelers seeking sustainable and inclusive options.
- Regional Overview: Ongoing conflicts are impacting the tourism economy of affected countries, especially in the Middle East. The World Tourism Day theme of “Tourism and Peace” highlighted tourism’s role in fostering peace through valuing and preserving cultural and natural heritage, and nurturing coexistence. In Europe and Central Asia, increasing demand for emerging destinations, coupled with regulatory and capacity improvements, show positive prospects for the region.
- Special Policy Insert: Developing sustainable nature-based tourism can provide jobs to rural areas while providing revenues to support conservation. Africa has a large young population, high youth and rural unemployment. It also has a large asset base and comparative advantage in nature-based tourism. The World Bank Group has a comprehensive set of tools to support and monitor the sustainable development of nature-based tourism, enable private sector development and community engagement.
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Second Quarter 2024