by Donald Wood
Last updated: 8:05 AM ET, Wed September 4, 2024
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 percent 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 percent, Turkey up 38.2 percent, Kenya up 33.3
percent, Colombia up 29.1 percent, and Egypt up 22.9 percent.
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