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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* WTTC * Macro-Drivers for global economy * Travel & Tourism Growth* Global Trends* Implications for Travel & Tourism
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 introduction of Travel & Tourism Economy Concept
Explaining the Forecast: 1) Expectations of slower economic growth- dent demand for energy
2) Nominal prospects of increase in OPEC production (December Meeting)
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.
2007 T&T Economy GDP
(Percent of Total)
Other Western Europe
Central and Eastern Europe
T&T Economy GDP Growth 2008-2017
the Middle East
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.
2007 exceeded all 2006 results in most tourism activities with greatest increase in Business Travel and capital investment.
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.
2007 saw a marked increase in capital investment. All other tourism activities for Bahrain surpassed all growth expectation of 2006.
All tourism activities have double in growth in 2007 and the industry will remain stable and strong for coming decade.
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