Cheap international travel is no longer the main driver of American bank account spending.
But it is a key driver in the world economy, particularly for international travelers, according to a new report from the International Monetary Fund.
As the IMF said in a report released Monday, “international travel is one of the key drivers of economic growth, employment and living standards.”
This report comes as the Trump administration is looking to cut back on spending on foreign aid, particularly on programs that help the developing world.
In its 2017 World Economic Outlook, the IMF forecasts that economic growth will slow in coming years, with the economy contracting at a 3.9 percent annual rate in 2018, the weakest since the Great Depression.
The IMF said it expects the United States to fall behind the other industrialized countries in growth and job creation.
A big part of that could be because of the travel industry.
Travel and tourism spending accounts for roughly two-thirds of U.S. economic activity, the report said.
The report also notes that the United Nations has said that travel and tourism should be “a global priority.”
The report found that the travel sector is an important source of foreign direct investment for countries like the United Arab Emirates and the United Kingdom, which have large populations of expatriate workers.
“There are a lot of challenges to the global economy and the development of tourism and trade that the U.K. and the UAE are very aware of, said Michael Berenson, a senior fellow at the Peterson Institute for International Economics and an author of the report.
The United States and the European Union have both proposed cutting back on their own programs for overseas workers.
While the IMF expects the U, S. and EU to be able to sustain their current growth rates in the coming years despite the travel and travel industry’s slow growth, they said the economy is still projected to contract between 2020 and 2030, according the report, which said the U.”s growth rate will remain depressed, with a decline of 0.7 percentage point from 2020 to 2028.
In other words, the U., S. will be less than half of its pre-recession level of growth in 2020 and 2019.