Global travel and tourism industry to achieve USD 15 trillion mark in 10 years:WTTC

Citing the latest WTTC data, she said despite geo-political and economic turmoil in 2023, sector has demonstrated a fast recovery against our initial expectations. "Our previous prediction in March has now been exceeded by the sector's performance." Expressing the sector's commitment to save the environment, Simpson said the travel and tourism indu is also focussing on sustainability. The travel and tourism sector has marked a robust bounce back to the pre-pandemic levels, which would generate USD 10 trillion by the end of 2023 and become a USD 15 trillion economy in the next 10 years, the World Travel & Tourism Council (WTTC) said here. Speaking at the opening press conference of its 23rd Global Summit, WTTC President & CEO Julia Simpson said the latest data highlights that the sector, which was badly hit during the COVID-19 pandemic, is now recovering faster than anticipated. "We are in 2023 and I am delighted to say that we have recovered, and by the end of this year, the industry will be worth nearly USD 10 trillion. Despite China's full recovery potential yet to be realised, the sector's performance is exceeding expectations. But, we are practically there," Simpson said as the Summit commenced on Wednesday. "In the next 10 years, the industry will go way ahead of the USD 10 trillion mark. This sector will be worth nearly USD 15 trillion," Simpson said. Though China is one of the biggest travel and tourism economies, the country is still going through "opening processes and making sure people can travel and get visas," she added. Citing the latest WTTC data, she said despite geo-political and economic turmoil in 2023, the sector has demonstrated a fast recovery against our initial expectations. "Our previous prediction in March has now been exceeded by the sector's performance." "Every single region, such as Europe, Africa, and the Middle East is growing faster than what we have originally predicted. Our sector has shown true resilience and grit in re-opening and returning post the pandemic," she said.