World is Still Travelling Regardless of Financial Crunch

Published on : Friday, November 8, 2013

download-43Global tourist industry is not growing as expected, however the world is still travelling. Even in a period of financial crunch, many people deny to sacrifice their holiday plans, and will take time off whatever their conditions.

The World Travel & Tourism Council (WTTC) has predicted that the overall contribution of travel and tourism to the global economy in 2013 will be 2.9 per cent – lower than the 3.2 per cent forecast in February. This is put down to reduced investment in the travel industry – both in the USA, where the economy has been unbalanced, and in China, where fast expansion has slowed slightly – rather than a reduction in the number of people flying or heading to exotic destinations.

David Scowsill, the president of the WTTC, said, “The travel and tourism industry is so resilient. It is such a driver of growth and jobs that it is always growing faster than the global economy in general terms. Travel and Tourism is a growth industry which generates nine per cent of global GDP [Gross Domestic Product], and supports 260 million – one in 11 – of the world’s jobs.”

International tourist influx at airports and border points across the world rose by 5.3 per cent between January and August this year, with growth spread across the planet. Europe was the key player in this flow, with the Middle East also a factor.

Overall, air passenger traffic leapt by 4.9 per cent over the first eight months of the year.
Hotels have also reported positive figures for the same period, with occupancy rates growing in all corners of the globe, with the exception of the Asia-Pacific region. Despite this, tourism remains a hot topic in South East Asia, where the travel industry has grown 8.9 per cent since the beginning of the year.

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