The WTTC reveals that US$12+ trillion in projected Travel & Tourism investment across major economies will play a decisive role in shaping competitiveness and economic growth through to 2035.

WTTC’s latest report Bridging the Gap: Travel & Tourism Capital Investment and Demand Growth Across the G20, launched at ITB Berlin and produced in collaboration with Oxford Economics, shows Travel & Tourism demand across the G20 and Spain is forecast to grow at 3.3% annually over the next decade.

Capital investment is projected to rise at an even stronger 4.6% annually – however, the report highlights an urgent need to align this investment with immediate demand to ensure long-term resilience.

The Strategic Gap: Investing for Future Resilience

While overall investment growth is expected to outpace demand, the timing is critical. In the near term, investment recovery lags demand, resulting in a temporary divergence between the two. This relative gap may translate into capacity pressures and localised overcrowding, putting a strain on existing tourist infrastructure. 

The situation will change from around 2033 onwards, with investment expected to exceed demand. Overall, investment is projected to grow at a CAGR of 4.6% from 2025-2035, compared to 3.3% for demand.

Germany and Spain leading the investment

The picture varies significantly between economies, with some countries acting as "strategic modernisers" by investing ahead of future needs. Germany plans to invest $543 billion up to 2035, an investment-to-demand growth ratio of 1.39, reinforcing its position as a high-quality, resilient destination. 

Meanwhile, Spain will commit $349 billion – an investment rate 1.46 times faster than demand between now and 2035 – enhancing the nation’s competitiveness as a tourist destination. 

Gloria Guevara, President & CEO, WTTC, said: “Travel & Tourism is entering a new decisive decade for infrastructure and competitiveness. Countries that align investment with future demand are strengthening their economic resilience and securing long-term growth. Germany and Spain show how strategic, forward-looking investment can enhance connectivity and support jobs. As demand continues to expand, maintaining this momentum will be critical to ensuring sustainable growth across the G20.

“The report highlights that sustained, targeted infrastructure investment - including transport connectivity and sustainable upgrades – will be central to unlocking the sector’s full economic potential. WTTC calls for continued collaboration between governments and the private sector to ensure investment remains aligned with long-term demand trends and delivers measurable economic returns.”