Global tourism climbs to US$ 7 trillion in 2007
GLOBAL:World Travel and Tourism is expected to generate in
excess of US$7 trillion in 2007, rising to over US$13 trillion over the
coming decade according to the World Travel and Tourism Council’s (WTTC)
Tourism Satellite Account (TSA) research, sponsored by Accenture and
prepared by Oxford Economics.
The new TSA results show strong performance for Travel and Tourism
Demand in 2007, growing at a rate of 3.9 per cent. This forecast points
to a mature but steady phase of growth for World Travel and Tourism in
the short and medium term, averaging 4.3 per cent per annum, between
2008 and 2017.
WTTC’s latest findings reveal that the world’s largest Travel and
Tourism Economies are holding strong in the top 10 list for 2007. The
United States continues in its pole position with Travel and Tourism
Demand accounting for more than US$1,689.3 billion this year.
Over the next ten years considerable ground will be gained by China
which currently stands in third position behind Japan and is forecast to
move up to second position by 2017. This progression is buoyed by a
percentage growth in real terms of 9.6 per cent, per annum, over the
next 10 years.
Notably, by 2017 the Russian Federation will enter the top 10 list of
countries expected to total the largest amount (in absolute terms) on
Travel and Tourism Demand, where it has not figured previously.
The world’s high performers - defined as countries set to grow
fastest over 2007 and the decade to come - WTTC results show that
Montenegro, China and India top the list, with demand growing each year
at a rate of 10.1 per cent, 9.1 per cent and 7.9 per cent respectively.
These countries have consistently appeared in the top three positions
over the past 4 years, consolidating their growth year on year. Their
strong foothold in terms of performance is underscored by a sustained
expansion in their Travel and Tourism industry as a result of focussed
strategic development and targeted investment.
On the other hand, countries such as the Democratic Republic of the
Congo and Chad who also figure in the top ten are boosted to these
positions as a result of a sudden or sharp rebound in their economy and
Travel & Tourism activity. |