International and domestic tourists – global estimates and infrastructure requirements FIGURE 8 Notes: 1. 2024 Estimates using latest numbers on domestic travel and extrapolating globally based on GDP contribution; 2034 estimates based on GDP real growth rates; 2. Infrastructure requirements based on maintaining current ratios per tourist; E = estimated; F = forecast. Source: Internal analysis using UN Tourism,88 HotelTechReport,89 IATA,90 Cruise Market Watch91 and World Bank92 Current investment patterns show notable concentration, with accommodation dominating tourism foreign direct investment (FDI), accounting for 60% of projects from 2017 to 2021.93 FDI in the sector remains significantly below pre-COVID-19 pandemic levels, however. In 2023, for the third consecutive year, FDI reached only $11 billion, far below the 2019 figure of $59 billion. Preliminary 2024 data indicates minimal improvement in investor sentiment.94 Investment distribution shows notable geographic concentration, with the United States and United Kingdom accounting for approximately 160 of 250 projects during this period. In this context, hospitality investment has shifted towards asset-light models, with strong brands continuing to attract investors through franchise and management agreements rather than property ownership. This trend reflects investors seeking flexibility and reduced exposure to climate- related risks and market volatility. The latest edition of the Travel and Tourism Development Index (TTDI) highlights substantial infrastructure quality gaps among regions, influencing which destinations are more suitable to capture growth. Air Transport Infrastructure scores95 range from below 2 in emerging economies to over 6 in mature ones (e.g. the United Arab Emirates or United States), reflecting disparities in airport quality, air connectivity and aviation service levels. Similar disparities exist in ground transportation infrastructure, which research shows can significantly affect visitor satisfaction, destination quality perceptions96 and tourist service infrastructure. Important challenges in bridging these gaps include: financing limitations that may hinder an emerging destination’s ability to develop necessary infrastructure despite abundant natural and cultural assets; sustainability integration to ensure that new developments incorporate circular economy principles; planning fragmentation across governmental entities; and community integration to Estimate1 of inter national and domestic tourist trips globally (billions of tourists ) T&T infrastructur e requir ements estimat e2 (millions)Domestic International2024E 2034F21.229.8 2.2 1.4 27.6 19.7+8.6 Growth in tourist number s International 0.8 billion Domestic 7.8 billion Hotel r ooms 17.5 2024E24.6 2034F+7.1 36 2024E50.7 2034F+14.7Cruise capacity 0.6 2024E0.9 2034F+0.3 Travel and Tourism at a Turning Point: Principles for Transformative Growth 19

Travel and Tourism at a Turning Point 2025