India rises to 8th spot in global tourism, US & China take top 2 spots

India’s rank in the global tourism industry has gone up by two positions, and is eighth in 2023, according to the World Travel & Tourism Council (WTTC) 2024 Economic Impact Trends Report. While the United States topped the travel and tourism market with the sector contributing $2.36 trillion to its economy, China finished second ($1.3 trillion) and Germany was at position number three ($487.6 billion).

Japan occupied the fourth spot with travel and tourism adding $297 billion to the nation’s GDP, while the United Kingdom ($295.2 billion) is number five, France ($264.7 billion) takes the sixth spot and Mexico ($261.6 billion) is seventh, the report said. The two nations below India ($231.6 billion) in the top 10 list are Italy ($231.3 billion) at number nine and Spain ($227.9 billion) at the 10th position.

INDIA COULD REACH 4TH SPOT NEXT

India’s GDP was richer by $231.6 billion through travel and tourism in 2023, which helped the country move up from its 2022 position of number 10. The WTTC report has further projected that India’s travel and tourism industry will add $256.1 billion in 2024, which will comprise around 10.4 per cent of the nation’s GDP.

Here are the salient observations that the report has made about India’s travel and tourism sector:

* Domestic spending comprised 95.2 per cent of the total travel and tourism spending while international visitors accounted for 4.8 per cent.

* India’s travel and tourism sector can be expected to see a Compound Annual Growth Rate (CAGR) of 9.1 per cent over the next decade, from 2024 to 2034.

* The travel and tourism sector can be estimated to employ 330 million people in 2024.

* The United States (9 per cent), Bangladesh (9 per cent) and the United Kingdom (6 per cent) were India’s biggest inbound visitor markets in 2023.

* The United Arab Emirates (18 per cent), Thailand (9 per cent) and the United States (7 per cent) were India’s biggest outbound markets in 2023.

* Overall, India is projected to rise to the fourth spot in near future.

TOURISM TO ADD $11.1 TRN TO GLOBAL GDP IN 2024

The WTTC report has predicted a 16 per cent increase in domestic tourism and international spending in 2024, adding that the tourism and travel sector will add $11.1 trillion to the global GDP in 2024, which marks a 12.1 per cent rise compared to 2022.

Globally, investment in the travel and tourism industry reached $1 trillion in 2023, at a 13 per cent growth rate, the report said.

CHINA COULD BEAT THE US

The report has predicted that China could surpass the US as the biggest travel hub in the world, China’s travel and tourism sector witnessed a 135.8 per cent increase in 2023. Among Asian markets, Hong Kong, Malaysia and the Philippines saw robust recoveries in tourism all through 2023.