Report: Tourism Industry Outlook (2009-2014)
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As I came across the latest update of one of my tourism-traveling industry newsletter subscriptions, I believe that this report is worth sharing with you that are interested in the course of international tourism in a time frame: 2009-2014.
The world GDP is forecasted to decline by some 1,3% in 2009, according to the IMF (International Monetary Fund). Although tourism has been more resilient that some other sectors, it has not been immune, and international tourism demand has deteriorated further under the impact of such global economic recession. In spite of the hit that tourism is taking during the current global economic crisis, the industry will recover and be stronger than ever, the United Nations World Tourism Organization (UNWTO) said.
1/ 2008 : The credit crunch
In January, a UNWTO report found that the economic slowdown threatens to reverse the historic four-year gains made by the industry in foreign travel. Although international tourist arrivals reached 924 million in 2008, up 16 million from 2007 or a two per cent overall increase on the year, growth stagnated in the second half of last year, hitting Europe the hardest. 2/ The 2009 first semester : a nightmare for the tourism industry International tourist arrivals declined at a rate of 8% between January and February this year, leaving the overall volume at the same level as recorded in 2007. At the same time, influenza A(H1N1) is starting to affect the sector. Its impact is being closely monitored by UNWTO in close collaboration with the World Health Organization (WHO). UNWTO follows the WHO’s advice as it is the leading UN agency in matters relating to health. WHO does not recommend travel restrictions at this point. 3/ The near Future The UNWO expects international tourism to stay even or fall by up to 2 per cent this year. The Americas and Europe are expected to be impacted most, while Asia and the Pacific, as well as Africa and the Middle East, will find growth easing in 2009. According to UNWTO, the sector is expected to play critical role in the recovery of world economy from the recession. Interestingly, such crises may often open doors of opportunities as they call for immense efforts. Economic growth projections have been adjusted repeatedly, making long term predictions hazardous. But tourism industry is expected to recover earlier than other industries. I believe that despite the all economic crisis that has “hit” all the industries and even the strongest ones, we must keep thinking positively and try our best to enhance and empower ourselves and eachother to hold on to our business passions and our values. Tourism industry is going to recover sooner that others. This is what I keep in mind and heart and wish you a wonderful new week ahead !! If you found this information valuable, be my guest and drop a comment line, I’ll be happy to listen to your point of view. Cheers, Jo