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Bahrain 5.6. Oman 5.3. Saudi Arabia 5.2. Lebanon 4.8. Syria 4.7. Qatar 4.7 ... other tourism activities for Bahrain surpassed all growth expectation ...

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Presentation overview

* WTTC * Macro-Drivers for global economy * Travel & Tourism Growth* Global Trends* Implications for Travel & Tourism


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Founding Members

Abercrombie & Kent AccorAmerican AirlinesAmerican ExpressAvis, Inc.British Airways plcCanadian Pacific Hotels CorporationDelta Air LinesEast Japan Railway CompanyHertzIberiaRegent International Hotels The Promus Companies Thrifty Rent-a-CarUnited AirlinesWestin Hotels & Resorts


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To raise awareness of the importance of Travel & Tourism and to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

WTTC Purpose


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Raising Awareness to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

WTTC introduction of Travel & Tourism Economy Concept


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Headwinds for the world in 2008 to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.Macro-Drivers

  • Credit crunch continues to be a worry on outlook

  • High oil prices may become a major constraint on growth

  • US housing in trouble

  • Weaker dollar

  • China to record another year with 2-digit growth


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Robust global growth to continue… to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.


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Robust global growth to continue… to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.


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Rapid Growth…oil price surge to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

Explaining the Forecast: 1) Expectations of slower economic growth- dent demand for energy

2) Nominal prospects of increase in OPEC production (December Meeting)


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…buoyed by rising per capita incomes… to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.


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…& diversification strategies… to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.


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Greater integration also boosting to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.business travel…


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Travel & Tourism developments to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.in 2007-2017…


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The major stories: the rise of to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.the Middle East…


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China’s growing role in Travel & Tourism… to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.


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WORLD to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

2006 saw further broad-based strength in the tourism economy. In 2007, growth is not expected to be quite so dynamic as in 2006 as growth moves generally closer to the trend rates embodied in the 10-year annualized forecast.


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TRAVEL & TOURISM ECONOMY GDP THE WORLD 2007 to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

World Average

Caribbean

Oceania

North Africa

Middle East

European Union

Southeast Asia

Northeast Asia

2007 T&T Economy GDP

(Percent of Total)

Other Western Europe

Central and Eastern Europe

North America

Latin America

Sub-Saharan Africa

South Asia

T&T Economy GDP Growth 2008-2017

(Percent Annualized)


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2007 – 2017 to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

WORLD


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Outlook for to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

the Middle East


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TRAVEL & TOURISM ECONOMY GDP to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.MIDDLE EAST 2007

T&T Economy GDP

average

World Average

Middle East

Kuwait 5.8

Bahrain 5.6

Oman 5.3

Saudi Arabia 5.2

Lebanon 4.8

Syria 4.7

Qatar 4.7

Jordan 4.5

Iran 4.2

UAE 3.5

Yemen 1.6

2007 T&T Economy GDP

(Percent of Total)

T&T Economy GDP Growth 2008-2017

(Percent Annualized)


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UAE to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

Expectations in 2007 surpassed results from 2006 in all areas of tourism activities but UAE has experienced major increase in government expenditure, capital investment and visitor exports. Forecasts for next years will be more stable.


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QATAR to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

2007 exceeded all 2006 results in most tourism activities with greatest increase in Business Travel and capital investment.


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JORDAN to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

Tourism activity has generally slowed down in 2007 but government expenditure has increased which will develop Jordan’s Travel & Tourism at a stable and consistent rate over the next ten years.


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BAHRAIN to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

2007 saw a marked increase in capital investment. All other tourism activities for Bahrain surpassed all growth expectation of 2006.


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OMAN to work with governments to realise the full potential of the industry in creating sustainable wealth and jobs.

All tourism activities have double in growth in 2007 and the industry will remain stable and strong for coming decade.



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Summary global view 124)

Despite increased downside risks, it remains likely that the slowdown in world GDP growth will be limited because:

- rapidly expanding emerging economies

- these countries are recognizing the development potential of the T&T industry and investing accordingly

- Rapid economic growth boosting incomes and creating an entire new range of customers where international travel is now an option

- the easing in monetary policy by central banks

- strong corporate profitability outside of the financial sector


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Implications for the Travel & Tourism Industry 124)

  • Deteriorating economic conditions, particularly in the housing and credit markets across the globe, increasing concerns about prospects for the travel & tourism industry in 2008

  • But the global slowdown is likely to be limited with a contained impact on the industry

  • US dollar’s weakness is curtailing the travel plans of residents of dollar-bloc countries but boosting their inbound tourism

  • Higher energy prices are a two-pronged challenge – they squeeze household budgets and raise the cost of a key input for the industry



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HEADLINE 124)

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