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 ...
Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author.While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server.
Presentation overview * WTTC * Macro-Drivers for global economy * Travel & Tourism Growth* Global Trends* Implications for Travel & Tourism
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
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
Raising Awareness WTTC introduction of Travel & Tourism Economy Concept
Headwinds for the world in 2008Macro-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
Rapid Growth…oil price surge Explaining the Forecast: 1) Expectations of slower economic growth- dent demand for energy 2) Nominal prospects of increase in OPEC production (December Meeting)
WORLD 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.
TRAVEL & TOURISM ECONOMY GDP THE WORLD 2007 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)
2007 – 2017 WORLD
Outlook for the Middle East
TRAVEL & TOURISM ECONOMY GDPMIDDLE 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)
UAE 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.
QATAR 2007 exceeded all 2006 results in most tourism activities with greatest increase in Business Travel and capital investment.
JORDAN 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.
BAHRAIN 2007 saw a marked increase in capital investment. All other tourism activities for Bahrain surpassed all growth expectation of 2006.
OMAN All tourism activities have double in growth in 2007 and the industry will remain stable and strong for coming decade.
Summary global view 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
Implications for the Travel & Tourism Industry • 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
HEADLINE SPONSOR PACK