Submitted by Donald Wood
(Source: Daytona Times)
The World Travel & Tourism Council (WTTC) announced that the United States is the world’s most powerful Travel & Tourism market, contributing a record-breaking $2.36 trillion to the nation’s economy last year.
According to the WTTC’s 2024 Economic Impact Trends Report, the U.S. broke the record despite the “slow return of spending from international travelers,” with America nearly doubling the economic contribution of its nearest rival.
In total, travel and tourism investment grew 13% in 2023 to reach more than $1 trillion, with a return to pre-pandemic levels anticipated by 2025.
“As we look forward to a record-breaking 2024, it’s clear that Travel & Tourism is not only back on track, but also set to achieve unprecedented growth,” WTTC President and CEO Julia Simpson said.
“We will continue to prioritize sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations,” Simpson continued. “The sector’s resilience and potential for innovation continues to drive us forward.”
The WTTC ranked China as the world’s second most powerful market with a GDP contribution of $1.3 trillion in 2023, but officials are predicting that the Asian powerhouse will become the biggest travel and tourism market over the next decade.
As for the rest of the top five nations in terms of travel contributions to GDP, Germany secured the third spot, while Japan ranked fourth overall and the United Kingdom rounded out the top five.
According to the report, many key destinations will profit from a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia up 91.3%, Turkey up 38.2%, Kenya up 33.3%, Colombia up 29.1%, and Egypt up 22.9%.
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