Thus, one in seven jobs will be in this sector, making it one of the most strategically important industries within the European Union (EU).

WTTC forecasts show that travel and tourism's contribution to GDP will increase to almost 2.3 trillion euros, with its economic share rising to just under 11 per cent over the same period. The sector will continue to outpace economic growth in general, with an annual growth rate of 1.8 per cent over 10 years, compared to 1.3 per cent for the EU economy as a whole, and will contribute more than 900 billion euros annually to EU governments through tax revenues.

On the other hand, the WTTC estimates that spending by international visitors to the European Union will reach 730 billion euros over the next 10 years, while spending by domestic visitors is expected to exceed 1.2 trillion euros.