Travel & Tourism to generate $7,893 billion in 2008

According to the World Travel and Tourism Council (WTCC), tourism and travel currently account for around 10 percent of world GDP and around $7,893 billion will be generated by the industry in 2008.

Travel and tourism is vital to the economy of many nations and with the increasing low-budget no-frills airline routes and increasing numbers of people looking to buy foreign property and emigrate overseas, it is easy to see why travel and tourism figures are growing. According to figures, a billion trips were made in 2006. The industry is set to generate around $7,893 billion this year, and this figure is expected to grow to just under $15 billion by 2018.

The industry is incredibly important to many foreign property investors who are continually on the look-out for the next hot-spot where they can pick up property cheap and either profit through excellent rental incomes, and/or through selling the property at a good profit a short time later. The projected figures from the WTCC should come as welcome news to foreign property investors, particularly as there is financial uncertainty in many of the major markets, as it indicates that there is still plenty of money to be made in the overseas property market.

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