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BERLIN - GLOBAL tourism is expected to be worth almost eight trillion dollars (S$11 billion) this year, up three percent, as the economic outlook dims, World Travel and Tourism Council said on Thursday.
In 2007, tourism spending grew 3.9 per cent but this year, US economic problems, high fuel prices and concern about climate change could temper growth, the WTTC said in a study presented at the Berlin tourism fair.
At the same time, tourism, which is widely believed to be the world's largest single industry, 'is expected to generate close to eight trillion dollars in 2008, rising to approximately 15 trillion dollars over the next ten years,' the WTTC said.
'Continued strong expansion in emerging countries - both as tourism destinations and as an increasing source of international visitors - means that the industry's prospects remain bright into the medium-term,' WTTC president Jean-Claude Baumgarten said in a statement.
Chinese tourists were forecast to exceed Japanese and Germans this year to move into second spot behind citizens of the United States, the council said.
'Even in countries where economic growth slows, there is likely to be a switch from international to domestic travel rather than a contraction in demand,' it added.
The tourism sector, which employs around 240 million people worldwide, should create another six million jobs this year.
By 2018, tourism spending is expected to grow by an average annual rate of 4.4 per cent, the WTTC said.
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