Global business travel back on track lifted by China: WTTC president

A new report from the World Travel and Tourism Council (WTTC) showed that business travel is set to surpass pre-pandemic levels this year, faster than previously predicted, to reach a record US$1.5 This photo taken on 29 April 2024 shows a view of Elizabeth Quay in Perth, Australia. PHOTO: MA PING/XINHUA US deploys THAAD missile defence system in Israel amid tensions trillion as China is posed to overtake the United States as the world’s biggest travel and tourism market in the next few years.

As the WTTC’s 24th Global Summit concluded in Perth, Australia, WTTC President and CEO Julia Simpson said that after a few challenging years, business travel is not only back on track but recovering much faster than expected.

“Many business powerhouses such as the United States, China and Germany are expected to reach record numbers this year,” she said, adding while virtual meetings played a crucial role during the pandemic, keeping people and businesses connected, the report showed that business was better face to face.

According to WTTC’s “2024 Economic Impact Trends Report,” business travel spending in the United States, which accounted for 30 per cent of the global total in 2019, is expected to reach 472 billion dollars this year — 13.4 per cent above the country’s 2019 record.

In China, the world’s second-largest market for business travel, spending is forecast to grow 13.1 per cent above 2019 to reach almost 211 billion dollars.

In 2023, travel and tourism’s contribution to global gross domestic product (GDP) almost reached pre-pandemic levels at 9.9 trillion dollars, just 4 per cent shy of the sector’s peak. — Xinhua