*China * BOOMING---> Breakneck real GDP growth of 9.5% year-on-year was recorded in 2004, and the 9.4% growth rate persisted in the first three quarters of 2005. Growth may have been even faster, as a recent census shows substantial under-counting of services.
Demand: Encompassing all components of Travel & Tourism consumption, investment, government spending and exports is expected to grow 5.4% (real terms) and total $6.2 trillion in 2005. The ten-year annualized growth (2006-2015) forecast is 4.6% per annum illustrating the outlook for strong long-term growth.
Visitor Exports: The continued strength of the Pound and Euro against the US dollar, is expected to push Visitor Exports to nearly $820 billion in 2005 or real growth of 7.3%.
GDP: Travel & Tourism’s contribution to the world economy is illustrated by the direct industry impact of 3.8% of total GDP and the combined direct and indirect impact of the Travel & Tourism economy expected to total 10.6% in 2005.
Employment: The global Travel & Tourism industry is expected to produce 2.1 million new jobs in 2005 over it’s 2004 level to total 74.2 million jobs or 2.8% of total world employment. The broader perspective of the Travel & Tourism economy (direct and indirect) is expected to create more than 6.5 million new jobs for the world economy for a total of 221.6 million jobs dependent on Travel & Tourism or 8.3% of total employment.
WTTC President, Jean-Claude Baumgarten said, “We turned the corner in 2004 and it’s full steam ahead for Travel & Tourism in many countries and regions around the world. Much of the pent up demand from three previous years of terrorism, war and health concerns has been released in a record level of Travel & Tourism demand. Consumers and business travelers have voted their confidence in the economy by returning to holidays and business trips in massive numbers. We’ve haven’t seen such a rebound in Travel & Tourism growth for quite some time, it’s really quite exciting. For 2005 we expect the rebound to continue at a sustainable pace.”
Speaking about the impact of the tsunami on the industry, Mr. Baumgarten continued, “The tsunami was perhaps the most tragic humanitarian crisis of our lifetime. Fortunately we have seen a massive response from governments and industry to this tragedy. Although a number of Travel & Tourism destinations and businesses suffered significant loss, steps are well underway to restore these destinations and bring back the visitors. The key is to inform and educate potential visitors about what is open and available for business. The sooner visitors return to affected areas, the sooner these economies will recover. Each and everyone of us can do our part to rebuild and restore these economies by returning to our regular Travel & Tourism routines.”
At the press event, the WTTC released its 2005 Top Ten List of Travel & Tourism economies. For the second year in a row Montenegro has placed first as the fastest growing Travel & Tourism economy in the world. India and China placed second and third respectively illustrating the impact of the emerging middle-classes has on Travel & Tourism growth.
Travel & Tourism Demand, 2006-2015
(% Annualized Real Growth)
1 Montenegro 9.9
2 China 9.2
3 India 8.6
4 Reunion 8.3
5 Croatia 7.8
6 Sudan 7.7
7 Vietnam 7.7
8 Laos 7.6
9 Czech Republic 7.5
10 Guadeloupe 7.2
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