The World Travel and Tourism Council’s (WTTC) 2023 Economic Impact Research (EIR) found that in 2023 the sector is forecast to reach $9.5 trillion, just 5% below 2019 pre-pandemic levels when travel was at its highest.

According to the research, the global tourism body also forecasts the sector will recover to 95% of the 2019 job level.

The WTTC predicted the sector will grow its GDP contribution to $15.5 trillion by 2033, representing 11.6% of the global economy and will employ 430 million people around the world, with almost 12% of the working population employed in the sector.

Last year, despite the economic and geopolitical difficulties, travel and tourism’s recovery continued at pace, growing 22% year-on-year to reach $7.7 trillion.

Julia Simpson, WTTC president and chief executive, said: "The travel and tourism sector continues to recover at pace, demonstrating the resilience of the sector and the enduring desire to travel.

"By the end of the year, the sector’s contribution will be within touching distance of the 2019 peak. We expect 2024 to exceed 2019."

The WTTC forecasts that by the end of 2023, nearly half of the 185 countries analysed by the EIR will have either fully recovered to pre-pandemic levels or be within 95% of full recovery.