India to be World’s Third Largest Travel and Tourism Economy in a Decade: Report

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India will establish itself as the third largest travel and tourism (T&T) economy in the world by 2028, both in terms of direct and total gross domestic product, according to a report released by the World Travel and Tourism Council (WTTC) on March 22.

India will follow China and the United States, the report said. South Asia is expected to be the fastest-growing world region over the next 10 years, with average annual direct T&T gross domestic product (GDP) growth of 6.9 per cent forecast, driven principally by a strong 7.1 per cent growth in India, revealed the report titled “Global Economic Impact & Issues 2018.”

The report covers 185 countries and 25 regions of the world, providing data on the 2017 performance as well as 10-year forecasts on the sector’s potential.

“2017 was the best year on record for the travel and tourism sector. We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India. This is great news for the millions of people who depend on our sector for their livelihoods,” said Gloria Guevara, WTTC president and CEO.

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