Global travel and tourism economy expected to rise by 2%, says report

Global travel and tourism economy expected to rise by 2%, says report

The global travel and tourism economy is expected to rise by two percentin real GDP growth - much higher than originally anticipated, according to theWorld Travel & Tourism Council (WTTC). Having revised its forecast of only0.5 percent from earlier in the year, the WTTC said that international travel,particularly in the Asian markets, was rebounding faster than expected.Additionally, the council now anticipates that this boost will lead to thecreation of an extra 946,000 jobs worldwide. The travel and tourism marketshare of total GDP and investment will also increase by one percentage pointthis year. “The longer-term prospects for travel and tourism remain positive,boosted by rising prosperity in Asia,” explained Jean-Claude Baumgarten,president and CEO of WTTC. “We remain confident that travel and tourism willremain a dynamic force for wealth and job creation.” Over the next ten years,WTTC forecasts that the global travel trade will grow by nearly five percentper year, helping create an additional 66 million jobs by 2020, 50 million ofwhich will be in Asia. In particular, the UK’s travel and tourism economy GDPwill contract further before the end of 2010, before growth starts toaccelerate from 2011. France and Spain will suffer further contraction in 2010with no real growth until 2012 and Germany’s strong visitor arrival growth willunfortunately be offset by weak outlook for investment.

Gary Marshall
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Gary Marshall
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