US maintains 1st position in global travel, tourism market with highest GDP contribution
(MENAFN) In 2023, the United States maintained its leading position in the global travel and tourism market, contributing a record USD2.36 trillion to its GDP, according to a report by the World Travel and Tourism Council (WTTC) released on Wednesday. The report underscores the US's dominance in the sector, noting that its economic contribution is nearly double that of its nearest competitor. Despite the slow recovery of international travel spending, the US remains at the forefront of global tourism.
China, despite its late reopening of borders, demonstrated remarkable growth with a 135.8 percent annual increase, making it the second-largest travel and tourism market with a GDP contribution of USD1.3 trillion in 2023. Following China, Germany and Japan contributed USD487.6 billion and USD297 billion, respectively, to their economies from the travel and tourism sector. The United Kingdom ranked fifth with a contribution of USD295.2 billion, while France, the world's top travel destination, held sixth place with a USD264.7 billion contribution.
Looking ahead, the WTTC projects that China will overtake the US to become the largest travel and tourism market within the next decade, with India expected to rise to the fourth position. Julia Simpson, WTTC’s President and CEO, expressed optimism for the sector's future, highlighting that travel and tourism are not only rebounding but also poised for unprecedented growth in 2024.
The report also indicates significant increases in international spending at various key destinations compared to pre-pandemic levels. Countries like Saudi Arabia, Türkiye, Kenya, Colombia, and Egypt are leading this resurgence, with Saudi Arabia seeing a 91.3 percent increase and Türkiye a 38.2 percent rise. Overall, international visitor spending is anticipated to grow by nearly 16 percent from 2019 levels, reaching USD1.9 trillion. Additionally, travel and tourism investment rose by 13 percent in 2023, surpassing USD1 trillion, and is expected to return to pre-pandemic levels by 2025.
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