Travel & Tourism leaders forecast continued growth
Travel & Tourism leaders forecast continued growth for 2008
January 21, 2008 in Events
Travel & Tourism leaders forecast continued growth for 2008(Forimmediaterelease.net) Despite repercussions of the ongoing global credit crunch, Travel&Tourism leaders today revealed that the industry will moderately be impacted and signalled continued growth rates for 2008 at a reduced pace.
According to the recent research produced by the World Travel&Tourism Council (WTTC) and Oxford Economics (OE), Travel&Tourism entered this recent period on the back of another solid performance in 2007. International tourism arrivals increased in this year by nearly 6 per cent per cent, totalling to nearly 900 million tourists and marking the fourth successive year that arrivals' growth has exceeded its long-standing trend of 4 per cent (source: UNWTO).
Furthermore, the research also indicated that tourism spending per capita has more than matched these increases. International air passenger traffic also rose at a record 9.3 per cent (source: IATA) from year to year in November
WTTC President Jean-Claude Baumgarten stated “tourism growth has been particularly rapid in developing countries with the fastest average growth in tourism arrivals in the Middle East region. These countries are not only recognising the development potential of Travel&Tourism and therefore investing heavily in new infrastructure and facilities but their citizens are also seeing rapid economic growth boost their incomes beyond the level where international travel becomes both a feasible and desired option."
Dubai Department of Tourism&Commerce Marketing (DTCM) Director General Khalid Bin Sulayem added “a continued policy for tourism has helped Dubai's Travel&Tourism industry accelerate and this growth will help it also rise above the potential economic downturn."
Nonetheless the Travel&Tourism industry does face challenges in the year ahead. The deteriorating economic conditions, particularly in the housing and credit markets across the globe are increasing concerns for the industry. However the slowdown is likely to have a limited impact, due to the growth of emerging markets and the easing in monetary policy by central banks.
Higher energy prices are a two pronged challenge as they squeeze household budgets globally and raise the cost of a key input for the Travel&Tourism industry. Baumgarten stated that even this challenge has a positive angle, explaining how “higher revenues are boosting oil producer' incomes and raising available funds for investment in diversification projects often focussing on tourism's undoubted potential."
Dubai certainly represents a nation that has truly embraced Travel&Tourism as a catalyst for economic growth and prosperity. In recognition of the vision and commitment of Dubai Government it will host this year's Global Travel&Tourism Summit along with pioneering Travel&Tourism companies including DTCM, Emirates Group, Jumeirah International, Nakheel and Dubailand.
The 8th Global Travel&Tourism Summit will be hosted by the Jumeirah Group and will take place on April 20-22, 2008 and will be the world's most significant public/ private partnership with the objective of driving the agenda on responsibility and the key role that Travel&Tourism plays.
WTTC will launch its 2008 Tourism Satellite Accounting (TSA) research for 176 countries and the world on March 6, 2008 at 10am at ITB in Berlin. To receive further information please email firstname.lastname@example.org
About the World Travel&Tourism
WTTC is the forum for business leaders in the Travel&Tourism industry. With Chairmen and Chief Executives of some one hundred of the world's leading Travel&Tourism companies as its Members, WTTC has a unique mandate and overview on all matters related to Travel&Tourism.
WTTC works to raise awareness of Travel&Tourism as one of the world's largest industries, employing approximately 230 million people and generating over 10 per cent of world GDP.
About the Global Travel&Tourism Summit
The Summit is the highest level gathering of Travel&Tourism leaders in the world, including Heads of Government, Cabinet Ministers, Chairmen and Chief Executives of the global Travel&Tourism as well as international media.
Set in a unique format, the Summit engages invited participants in a real dialogue on issues that affect the industry and the world at large.
The Summit is an invitation only event but delegates and members of the media can apply for a registration at www.globaltraveltourism.com/register