The UK was the world’s fifth most valuable travel and tourism market, contributing $295.2 billion to the nation’s economy last year.
It is forecast to be in fourth spot for 2024, however, reaching $346.7 billion, swapping places with Japan, according to the World Travel & Tourism Council (WTTC) 2024 Economic Impact Trends Report.
The UK was in fifth spot in pre-pandemic 2019, with a $295.2 billion contribution.
The US remains world’s most valuable travel and tourism market, contributing a record-breaking $2.36 trillion to the nation’s economy last year.
However, second-placed China is set to overtake the US by 2034, according to the report.
The UK is predicted to be in fourth place in 2034, with $346.7 billion.
“Despite the slow return of spending from international travellers, the US keeps pole position, with almost double the economic contribution of its nearest rival,” said the WTTC.
China is the world’s second most valuable market with a GDP contribution of $1.3 trillion in 2023, despite the late reopening of its borders.
Germany was third spot with a $487.6 billion economic contribution, while Japan, which in 2022 was in fifth place, jumped up to fourth position, contributing $297 billion.
The UK completes the top five contributing $295.2 billion.
France, the world’s most popular destination, retained its sixth position with a contribution of $264.7 billion, followed closely by Mexico at $261.6 billion.
India came in eighth, with $231.6 billion, and looks set to move up to fourth over the next decade.
Italy and Spain complete the top 10, contributing $231.3 billion and $227.9 billion, respectively.
The report also highlights the countries experiencing the highest annual growth rates in their travel and tourism contributions to GDP.
In 2023, China’s sector surged with year-on-year growth of 135.8%, while other Asian countries, such as Hong Kong SAR, Malaysia and the Philippines recovered soon after the removal of travel restrictions.
Julia Simpson, WTTC president and chief executive, said: “As we look forward to a record-breaking 2024, it’s clear that travel and tourism is not only back on track, but also set to achieve unprecedented growth.
“We will continue to prioritise sustainability and inclusivity, ensuring that this growth benefits everyone and protects our planet for future generations.”
According to the report, many key destinations will profit from a surge in international spending this year compared to pre-pandemic levels, with Saudi Arabia, up 91.3% compared to 2019%, Türkiye (+38.2%), Kenya (+33.3%), Colombia (+29.1%) and Egypt (+22.9%) leading the way.
Globally, international visitor spending is set to grow by nearly 16% to reach $1.9 trillion, while domestic tourists are projected to spend more than ever before, reaching $5.4 trillion, an increase of 10.3% over 2019 levels.