Latest news with #EconomicImpactResearch
Local France
a day ago
- Business
- Local France
France ‘on track to break its own tourist records in 2025'
France has held the title of the world's most visited tourism spot since 2016, and new Economic Impact Research, produced in collaboration with Oxford Economics, confirms that in 2024, travel and tourism in France broke all previous records across economic contribution, employment, and visitor spending. The sector contributed €266.2 billion to the French economy, the report said, 10.1 percent higher than 2019 levels and equivalent to 9.1 percent of the country's GDP. It supported three million jobs in 2024, a figure that is up 300,000 on 2019. Advertisement International visitor spending reached €72.5 billion, while domestic visitor spending climbed to €142.1 billion, reflecting strong and balanced demand, seeing a hike of 7.1 percent and 5.7 percent on peak levels, respectively. French tourism has long been strongly supported by domestic tourism - in total only around 30 percent of tourists in the country have come from overseas, and it is common for French families to take long summer holidays in France, usually by the sea or in the mountains. And World Travel and Tourism Council projections predict that France's upward trajectory will improve across the board. According to the numbers, the sector is forecast to contribute €274.2 billion to the country's GDP, or a 9.3 percent share of the economy, while employment is expected to reach 3.1 million jobs – or nearly one in 10 of the working population in France. International visitor spending is projected to rise to €75.1 billion, with domestic spend reaching €144.2 billion.
Hospitality Net
06-06-2025
- Business
- Hospitality Net
Travel & Tourism in LAC Set to Add US$206BN to Regional Economy Over the Next Decade, Says WTTC
Santo Domingo, Dominican Republic - The World Travel & Tourism Council (WTTC), in partnership with the Inter-American Development Bank (IDB), announced the launch of the Tourism Task Force during the Plenary Meeting of the Americas Business Dialogue (ABD) – a public-private platform to elevate Travel & Tourism as a key driver of growth, jobs, and resilience across Latin America and the Caribbean (LAC). The Task Force will convene throughout 2025 to shape policy recommendations and investment strategies. Its conclusions will be presented at the CEO Summit of the Americas in Punta Cana this December, offering a blueprint for regional collaboration in Travel & Tourism. The launch comes at a critical moment, as WTTC unveils new figures that highlight the growing importance of the Travel & Tourism sector to the region's prosperity. Travel & Tourism: A Key Asset for LAC According to the latest Economic Impact Research (EIR), produced in collaboration with Oxford Economics, Travel & Tourism contributed US$714 billion to LAC's economy in 2024, accounting for 10% of the region's total GDP. It also supported 28.2 million jobs, or one in every 11 jobs across the region. International visitors spend reached US$144.4 billion last year, providing a vital source of export income for many national economies. Travel & Tourism is one of the most powerful levers for inclusive economic growth in Latin America and the Caribbean. The region has a generational opportunity to put Travel & Tourism at the centre of their development agenda. With the ABD Task Force now in place, we can drive smarter investment, unlock growth, and deliver jobs and opportunity at scale. Christopher Imbsen, WTTC VP Policy This launch marks a milestone in the integration of tourism into the productive agenda of the IDB and IDB Invest, recognizing its transformative potential for the region. In collaboration with our private sector partners and WTTC, we are working to deliver concrete results: more investment, jobs, and regional growth. Fabrizio Opertti, IDB Sector Manager of Productivity, Trade, and Innovation A Decade of Opportunity: 2035 Projections Looking ahead, the next decade offers unprecedented opportunity. By 2035, the Travel & Tourism sector could contribute US$944.8 billion to the regional economy and support more than 35.4 million jobs. Compared to 2025, this would represent an additional US$206 billion in economic value and 6 million new jobs, reflecting the sector's unique ability to scale inclusive and sustainable growth. Priorities for Action and Growth To unlock the sector's full potential, WTTC highlights five core enablers for sustainable tourism growth in LAC: talent and employment, resilient infrastructure & connectivity, digital transformation, business environment and access to finance. However, challenges persist. Tourism investment across LAC continues to trail behind global benchmarks. Creating a more investment-friendly environment will be crucial, demanding bold reforms, improved regulation, and stronger collaboration between the public and private sectors. With the ABD Tourism Task Force now in motion, the region has a unique opportunity to place Travel & Tourism at the heart of its long-term development agenda. For further information or to access the full regional factsheets, including WTTC's latest Environmental & Social Research (ESR), please visit WTTC's Research Hub. * All figures are in USD. * 'Latin America and the Caribbean (LAC)" includes Mexico, Central and South America, and the Caribbean, as defined in WTTC's Economic Impact Research About IDB The Inter-American Development Bank (IDB) is devoted to improving lives across Latin America and the Caribbean. Founded in 1959, the IDB works with the region's public sector to design and enable impactful, innovative solutions for sustainable and inclusive development. Leveraging financing, technical expertise and knowledge, it promotes growth and well-being in 26 countries. Visit our website: About ABD The Americas Business Dialogue (ABD) is an initiative led by the private sector and facilitated by the Inter-American Development Bank (IDB) that fosters a high-level exchange between governments and the private sector of the Americas on policies that promote development and sustainable and inclusive economic growth. About WTTC The World Travel & Tourism Council (WTTC) represents the global travel & tourism private sector. Members include 200 CEOs, Chairs and Presidents of the world's leading travel & tourism companies from all geographies covering all industries. For more than 30 years, WTTC has been committed to raising the awareness of governments and the public of the economic and social significance of the travel & tourism sector. WTTC Press Office WTTC
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Business Standard
06-06-2025
- Business
- Business Standard
Pay $1,000 to get a faster US visa interview? Details of Trump's plans
Pay $1,000 (approximately Rs 86,000) and skip the long queue for a US visa! The Trump administration is considering a steep fee for tourists and other non-immigrant visa applicants who want to jump the line and get an earlier interview date, according to an internal memo from the State Department reviewed by Reuters. Premium fee could offer fast-tracked interviews Currently, individuals entering the US on tourist and non-immigrant visas pay a $185 processing fee. The proposed $1,000 option would function as a premium service, giving some applicants faster access to visa interviews, according to the memo. The pilot version of the programme could launch as early as December 2025. Business Standard's query to the US government for confirmation on the proposal remains unanswered at the time of writing this report. However, the move, if implemented, could appeal to Indian travellers, many of whom face delays stretching into months. As of June 6, 2025, visitor visa applicants in Chennai face a 14-month wait In Mumbai, the average wait time is around 9.5 months New Delhi applicants have to wait about 8 months Hyderabad and Kolkata offer shorter queues of 7 and 6 months, respectively While the memo details the expedited interview option, it also notes that government lawyers have raised concerns about the legality of charging such a fee. The internal review is ongoing. Ties to broader immigration plans If implemented, this would add to a growing list of Trump-era immigration proposals that reward speed and access to those who can afford to pay. The $1,000 proposal follows a broader policy direction under President Donald Trump, who returned to office on January 20, 2025. His administration has pushed for tighter immigration controls and has already revoked some student visas and increased vetting for others. Earlier this year, Trump unveiled a proposed 'gold card' programme that would offer US citizenship in exchange for a $5 million investment — a pathway pitched as faster and more direct than existing options. Travel spending to fall by $12.5 billion The new fee proposal comes amid a projected drop in international travel to the US. The World Travel and Tourism Council (WTTC) said in May that international travel spending in the US is expected to fall by 7% in 2025, due to the impact of a strong dollar and growing discomfort with Trump's immigration stance. According to the WTTC's Economic Impact Research published on May 13, 2025: < International travel spending is forecast to drop to less than $169 billion this year, down from $181 billion in 2024 < That figure is 22.5% below the 2019 peak of $217.4 billion Julia Simpson, president and chief executive of the WTTC, said the decline isn't just about exchange rates. 'The near neighbours, Canada and Mexico, are not travelling,' said Simpson. 'There are also concerns over visas — whether they've got the right visa or might accidentally get arrested, which has made people quite fearful.' The State Department issued 10.4 million non-immigrant visas in the 2023 financial year, including 5.9 million tourist visas, according to the USCIS' annual report.
Time of India
03-06-2025
- Business
- Time of India
Tourism hits Rs 22 lakh crore runway — India's travel boom ready for takeoff
Tired of too many ads? Remove Ads Tired of too many ads? Remove Ads Popular in Services 1. India's international visitor spend soars to record highs: WTTC The World Travel & Tourism Council (WTTC) is forecasting a 'record-breaking' year for India's travel and tourism sector this year, with its economic contribution set to reach over '22 lakh crore in 2025, whilst employment in the sector is expected to reach more than 48 visitor spending is expected to reach '3.2 lakh crore, whilst spending from domestic travellers is set to hit '16 lakh stated that by 2035, travel and tourism's contribution to the economy is forecast to almost double, at just under '42 lakh crore, with the sector employing almost 64 million released on Tuesday from WTTC showed that international visitor spends in India reached a record '3.1 lakh crore in 2024, 9% above the previous peak of to WTTC's latest Economic Impact Research (EIR), while domestic travel has remained a 'vital force', with spending soaring to '15.5 lakh crore, (22% above 2019 levels), the revival of international tourism is now propelling the sector into a 'bold' new era of and tourism contributed almost '21 lakh crore to the Indian economy last year, 20% more than 2019 sector also supported an all-time high of almost 46.5 million jobs, equivalent to 9.1% of total employment across country also welcomed 20 million international visitors in 2024, 2.3 million more than while overall international visitor numbers went up considerably last year, as per WTTC research, the numbers and the growth, compared to pre pandemic levels, seem to have been driven considerably by visits by non-resident Indians. As per data released by the ministry of tourism, India received more than 9.65 million foreign tourists in calendar year 2024, rising 1.4% from 9.52 million in 2023 but declining 11.6% from 10.93 million in said it calls for continued investment and targeted policy support, and would urge the government to reconsider its recent decision to reduce funding for overseas tourism promotion."India's travel & tourism sector is experiencing unprecedented growth, with international visitor numbers now at record highs after a period of strong domestic reliance. We strongly support the government's plans to simplify the e-visa process. Making it easier to visit India is one of the fastest ways to unlock further international arrivals and spending," said Julia Simpson, president and CEO, WTTC. "While visa on arrival and e-visa systems are in place, reciprocal policies and long delays for key markets like the US, where appointments are reportedly unavailable until 2026 continue to hinder tourists," she global tourism body's research also reveals India's business travel is experiencing record growth, with combined domestic and international spending hitting '1.1 lakh crore last year, surpassing the 2019 peak by 2.6%.The council said India is 'well-placed' to become one of the world's most dynamic tourism economies, with its dynamic mix of heritage, natural beauty, and modern innovation, and that it calls on the government to match the sector's resilience and ambition with 'clear', 'consistent' policy support.
Economic Times
03-06-2025
- Business
- Economic Times
India's international visitor spend soars to record highs: WTTC
Live Events (You can now subscribe to our (You can now subscribe to our Economic Times WhatsApp channel The World Travel & Tourism Council ( WTTC ) is forecasting a 'record-breaking' year for India 's travel and tourism sector this year, with its economic contribution set to reach over Rs 22 trillion in 2025, whilst employment in the sector is expected to reach more than 48 visitor spend is expected to reach Rs 3.2 trillion, whilst spending from domestic travellers is set to hit Rs 16 stated by 2035, travel and tourism's contribution to the national economy is forecast to almost double, to reach just under Rs 42 trillion, with the sector employing almost 64 million released Tuesday from the World Travel & Tourism Council (WTTC) released Tuesday stated that international visitor spends in India reached a record Rs 3.1 trillion in 2024, 9% above the previous peak of to WTTC's latest Economic Impact Research (EIR), while domestic travel has remained a 'vital force', with spending soaring to Rs 15.5 trillion, (22% above 2019 levels), the revival of international tourism is now propelling the sector into a 'bold' new era of and tourism contributed almost Rs 21 trillion to the Indian economy last year, 20% ahead of 2019 sector also supported an all-time high of almost 46.5 million jobs, equivalent to 9.1% of total employment across country also welcomed 20 million international visitors in 2024 - 2.3 million more than while overall international visitor numbers went up considerably last year, as per WTTC research, the numbers and the growth compared to pre pandemic levels seems to have been driven considerably by visits by non-resident per data released by the ministry of tourism, India received more than 9.65 million foreign tourists in calendar year 2024, rising 1.4% from 9.52 million in 2023 but declining 11.6% from 10.93 million in said it calls for continued investment and targeted policy support, and would urge the government to reconsider its recent decision to reduce funding for overseas tourism promotion.'India's Travel & Tourism sector is experiencing unprecedented growth, with international visitor numbers now at record highs after a period of strong domestic reliance. We strongly support the government's plans to simplify the e-visa process. Making it easier to visit India is one of the fastest ways to unlock further international arrivals and spending,' said Julia Simpson, WTTC President and CEO. "While visa on arrival and e visa systems are in place, reciprocal policies and long delays for key markets like the US, where appointments are reportedly unavailable until 2026 continue to hinder tourists," she global tourism body's research also reveals India's business travel is experiencing record growth, with combined domestic and international spending hitting Rs 1.1 trillion last year, surpassing the 2019 peak by 2.6%.The council said India is 'well-placed' to become one of the world's most dynamic tourism economies, with its dynamic mix of heritage, natural beauty, and modern innovation, and that it calls on the government to match the sector's resilience and ambition with 'clear', 'consistent' policy support.
