Global travel and tourism market set to rise to $13 trillion over the next 10 years

The global market for travel and tourism is expected to generate more than US$7 trillion (£3.6 trillion) in 2007, rising to over $13 trillion (£6.7 trillion) over the coming decade, according to research.

The Tourism, Satellite Account research, carried out by Oxford Economics on behalf of The World Travel & Tourism Council, shows strong performance for travel and tourism in 2007, with growth of 3.9%.

This forecast points to a mature but steady phase of growth for world travel and tourism in the short and medium term, averaging 4.3% per annum, between 2008 and 2017.

The report, sponsored by consultancy Accenture, shows that the USA continues in its pole position with travel and tourism demand accounting for more than $1,689.3b this year.

China, which currently stands in third position behind Japan, is forecast to move up to second position by 2017.  The Chinese tourism market will grow 9.6% per annum, over the next 10 years, the report says. 

By 2017, the Russian Federation will enter the top 10 list of countries.

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By Daniel Thomas

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