Return to our Home page Search
Click here for the hotel and hospitality news from around the globe Hotel, Travel and Hospitality Articles Videos and in-depth Interviews
CONCIERGE DESK
Read more now
Read more now
Read more now
Travel & Tourism contribution to the world economy down.
Tuesday, 26th November 2013
Source : World Travel & Tourism Council
 

WTTC forecasts that the total contribution from Travel & Tourism to the world economy will be 2.9% in 2013, down from the 3.2% growth initially forecast in February of this year.

The latest economic research, an update on our annual forecasts produced in February, shows that the main indicators for Travel & Tourism are positive for 2013:

International tourism expenditure exceeded WTTC expectations with estimated growth of 4.0% in 2013, compared with our previous estimate of 3.1%. The growth in international tourism expenditure is partially offset however by weaker growth in domestic tourism expenditure and Travel & Tourism investment, now expected to grow 2.8% rather than the 3.2% predicted at the start of the year.

Travel & Tourism in South East Asia leads the world with estimated growth of 8.9%; an upgrade from the 6.8% growth predicted at the start of the year, and bucking the trend in many other regions of downward revisions.

Investment spending for the total global economy has been revised down, due in a large part to weaker confidence aggravated by the developments in the US (particularly the tapering of Quantitative Easing and the budgetary cut-backs) and cooling growth in China. Although the Travel & Tourism investment revision from 4.2% to 3.1% is significant, Travel & Tourism investment has not been downgraded as much as the overall economy due to other positive Travel & Tourism indicators (namely growth in international passenger arrivals and airline passenger traffic).

Long term growth forecasts of 4.2% per annum growth over the ten years to 2023 are retained as demand from and within emerging markets will continue to rise in significance. Travel & Tourism will continue to grow, outpace growth of the wider economy and remain a leading generator of jobs.

Click here to access regional reports.

~ Important Notice ~
Articles appearing here contain copyright material. They are meant for your personal use and may not be reproduced or redistributed. While 4Hoteliers makes every effort to ensure accuracy, we can not be held responsible for the content nor the views expressed, which may not necessarily be those of either the original author or 4Hoteliers or its agents.

Learn more about DigiJames - in room technology
Advertisment  
 Related News  (Click title to read article)
Today's modern guests want life experiences not luxuries.
In Focus: Shanghai boutique hotel market scene.
Chinese tourists to outspend all others combined.
APAC surpasses Europe, becomes world's largest regional travel market.
 Latest News  (Click title to read article)
China Outbound Tourism Yearbook highlights 4 major market trends in 2014
Monday, 21st April 2014

Differentiation is needed for South Pacific destinations
Monday, 21st April 2014

The highest-rated green hotels in the US
Monday, 21st April 2014

Overcoming seasonality to support economic diversification
Monday, 21st April 2014

Ritz-Carlton reveals its secrets
Sunday, 20th April 2014

© Copyright 4Hoteliers 2001-2014 ~ unless stated otherwise, all rights reserved.
You can read more about 4Hoteliers and our company here

Use of this web site is subject to our
terms & conditions of service and privacy policy