Tourism has grown into a massive industry over the years, encompassing various sectors like hospitality, transport, and entertainment. From just 25 million foreign trips in 1950, the number surged to 1.5 billion by 2019. The global Travel & Tourism (T&T) industry is projected to grow at a CAGR of 3.1% between 2021 and 2026, reaching an estimated value of $8.9 trillion by the end of the forecast period. The World Tourism and Travel Council reported that the T&T sector contributed 7.6% to the global GDP in 2022, showing a significant increase from 2021 and nearing pre-pandemic levels of 2019.
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