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The tourism industry is set to develop to the point that it is worth close to $8 trillion (£3.98 trillion) this year, according to a new study.

Research by the World Travel and Tourism Council (WTTC) found that this mammoth figure is likely despite the challenges that the sector will face this year.

Looking forward, the group estimated that the tourism industry will be worth around £15 trillion in ten years' time.

Over this period, the market will support some 297m jobs and contribute 10.5% of the world's gross domestic product.

Jean-Claude Baumgarten, president of the WTTC, said: 'Challenges come from the US slowdown and the weak dollar, higher fuel costs and concerns about climate change.

'However, the 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.'

Regions that have been doing well recently include Africa (5.9% annual growth), the Asia Pacific (5.7%) and the Middle East (5.2%), all of which have seen their tourism industries expand at a higher rate than the world average.

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