NEW YORK, April 9. /TASS/. Travelers may spend a record amount of $2.1 trillion on international trips this year, surpassing the previous high of $1.9 trillion in 2019, Bloomberg reported, citing the World Travel & Tourism Council (WTTC).
According to WTTC, the tourism industry's contribution to the global economy will be $11.7 trillion, about 10.3% of global GDP. The tourism industry began to show growth immediately after the end of the Covid-19 pandemic and is expected to account for 11.5% of global GDP by 2035.
As the agency notes, the study was conducted before US President Donald Trump announced the introduction of trade tariffs, which could lead to higher prices for flights and impact, primarily, American travelers.
However, Julia Simpson, president and chief executive officer at WTTC, is confident that the tariffs will not significantly affect the conclusions of the report.
"We expect international travel to continue its strong growth and spending this year, and that's despite some short-term headwinds," she told Bloomberg.
According to her, this is partially due to the fact that travelers generally plan their trips and pay for them in advance.
Simpson emphasized that the travel industry is recovering faster than other sectors after global crises and the US "will still be the largest travel and tourism market this year in terms of its contribution to GDP."
On April 2, Trump announced the introduction of duties on products from 185 countries and territories. Later, he stated that he plans to impose additional tariffs of 50% on goods from China if Beijing does not lift retaliatory customs barriers. Trump clarified that he will impose duties of 104% on Chinese products until Chinese authorities agree to a trade deal with the United States. The Chinese Ministry of Commerce warned that the country's authorities do not intend to tolerate growing pressure from the United States due to Trump's protectionist policy, labeling it as "blackmail.".