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The World Travel & Tourism Council (WTTC) has forecasted a significant recovery for Azerbaijan’s Travel & Tourism sector in 2024, driven primarily by domestic tourism. The World Travel & Tourism Council’s 2024 Economic Impact Research (EIR) highlights that the sector’s contribution to Azerbaijan’s GDP is expected to grow by more than 28% this year, reaching ₼8.9 billion, surpassing pre-pandemic levels by 5.3%.

Key Findings:

GDP Contribution: The sector’s GDP contribution is set to increase by over 28%, reaching ₼8.9 billion.

Employment Growth: Jobs in Travel & Tourism are projected to rise by over 12%, reaching 437,600, which is 8.4% more than in 2019.

Domestic Visitor Spending: Expected to rise by 12.5%, reaching ₼3.7 billion, over 25% higher than 2019 levels.

International Visitor Spending: Anticipated to reach ₼4.1 billion with a 52% surge, though still 6.1% behind 2019 levels.

2023 Recap:

Last year, Azerbaijan’s Travel & Tourism sector saw remarkable growth:

GDP Contribution: Increased by 55% year-on-year to ₼6.9 billion.

Employment: Jobs supported by the sector grew by almost 13%, reaching 390,000.

Domestic Visitor Spending: Increased by 37.5% year-on-year, reaching ₼3.3 billion.

International Visitor Spending: Experienced a remarkable 102.5% increase year-on-year, reaching ₼2.7 billion.

Future Outlook:

With appropriate government support, World Travel & Tourism Council forecasts that by 2034, the sector could contribute ₼16.6 billion annually to Azerbaijan’s GDP, representing just over 10% of the country’s economy. Employment in the sector could potentially exceed 683,000 people.

Industry Insights:

Julia Simpson, World Travel & Tourism Council President & CEO, emphasized the robust growth of Azerbaijan’s domestic and international tourism. The Azerbaijan Tourism Board has enhanced its presence at international tourism fairs, showcasing the country’s offerings and positioning Azerbaijan as a must-visit destination in the coming years.

Conclusion:

Azerbaijan’s Travel & Tourism sector is on a promising path to recovery, driven by substantial domestic tourism growth and increasing international interest. With strategic support from the government and collaboration with the private sector, Azerbaijan is well-positioned to exceed pre-pandemic tourism levels and achieve long-term sustainable growth.

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