The latest World Travel & Tourism Council (WTTC) Economic Trends Report reveals that the US remains the largest and most powerful Travel & Tourism market in the world.

Its superior rating was reaffirmed, despite suffering long and damaging travel restrictions that did little to prevent the spread of COVID-19 and resulted only in serious economic losses.

However, while its number one position was maintained, the U.S. travel and tourism sector's contribution to the nation's economy fell $700 billion in 2019 to just under $1.3 trillion last year.

A survey by Oxford Economics for WTTC, cited by Real Estate Journal, shows no change in the top three countries - with China second and Germany third.

But the rankings are illusory, as the major economies have increased numbers via domestic travel, while the number of international visitors has fallen.

But despite the challenges of the past two years, the new report from the global tourism body shows that business travel is on the road to recovery.

For Julia Simpson, President and CEO of WTTC: "Our report shows the resilience of the travel and tourism sector, despite the impact of travel restrictions around the world that have failed to stop the spread of the virus.

"Despite a challenging macro environment, the Travel and Tourism market has recovered. The world, with some exceptions, is traveling again. And we are seeing a resurgence in business travel. Over the next 10 years, Travel and Tourism growth will outpace the global economy."

WTTC data reveals that in terms of the Travel and Tourism sector's contribution to GDP, China retained second position with over $814 billion, while Germany remained the third largest Travel and Tourism sector in the world, contributing $251 billion to the German economy.

The UK fell dramatically from fifth place in 2019 to ninth in 2021, with a contribution of just over $157 billion, the largest drop among the top 10 countries.

In terms of spending on international travelers, France, which before the pandemic was in fourth place, overtook Spain, China, and the U.S. to take the top spot.

China, which remains closed to much of the rest of the world, was in second place before the pandemic, but has dropped dramatically to 11th place by 2021.

Across Asia-Pacific, major travel and tourism markets such as Thailand and Japan have seen huge losses in international spending, resulting in both markets - ranked fifth and eighth, respectively, before the pandemic - dropping out of the top 20 by 2021.

Business travel worldwide to grow by more than 41% this year

According to WTTC forecasts, business travel worldwide is expected to grow by more than 41% this year. For the next 10 years, it predicts that business travel may grow by an average of 5.5% per year and may return fastest in the Asia-Pacific region.

The WTTC predicts that by 2032, China could overtake the US and become the largest travel and tourism market in the world.

The research shows that the contribution of China's travel and tourism sector to GDP could reach $3.9 trillion by 2032, making it the most powerful travel and tourism market in the world, and India could overtake Germany to reach third place with a projected value of $457 billion.