Global credit crunch to have ‘moderate impact’ on travel
The travel industry will only be “moderately impacted” by repercussions from the ongoing global credit crunch, according to the World Travel & Tourism Council.
The WTTC signalled continued growth rates for the sector in 2008 but at a reduced pace.
Data from the organisation showed that international tourism arrivals increased last year by nearly six per cent over 2006 to nearly 900 million tourists. It was the fourth successive year that arrivals’ growth has exceeded a long-standing trend of four per cent.
The research also indicated that tourism spending per capita more than matched these increases. International air passenger traffic also rose at a record 9.3 per cent from year to year in November.
Looking forward, the WTTC admitted the travel and tourism industry faces “challenges” in the year ahead.
“The deteriorating economic conditions, particularly in the housing and credit markets across the globe are increasing concerns for the industry.
“However, the slowdown is likely to have a limited impact, due to the growth of emerging markets and the easing in monetary policy by central banks,” according to the organisation.
Higher energy prices are a two pronged challenge as they squeeze household budgets globally and raise the cost of a key input for the industry.
WTTC President Jean-Claude Baumgarten claimed that even this challenge had a positive angle, explaining how “higher revenues are boosting oil producer’ incomes and raising available funds for investment in diversification projects often focussing on tourism’s undoubted potential.”
He added: “Tourism growth has been particularly rapid in developing countries with the fastest average growth in tourism arrivals in the Middle East region.
“These countries are not only recognising the development potential of travel and tourism and therefore investing heavily in new infrastructure and facilities but their citizens are also seeing rapid economic growth boost their incomes beyond the level where international travel becomes both a feasible and desired option.”
The WTTC is holding its eighth annual global travel and tourism summit in Dubai on April 20-22.
Dubai Department of Tourism & Commerce Marketing director general Khalid Bin Sulayem said that “a continued policy for tourism has helped Dubai’s travel and tourism industry accelerate and this growth will help it also rise above the potential economic downturn”.
by Phil Davies
Phil Davies
Vegas’s Billion-Dollar Secrets – What They Don’t Want Tourists to Know
Visit Florida’s New CEO Bryan Griffin Shares His Vision for State Tourism with Graham
Chicago’s Tourism Renaissance: Graham Interviews Kristin Reynolds of Choose Chicago
Graham Talks with Cassandra McCauley of MMGY NextFactor About the Latest Industry Research
Destination International’s Andreas Weissenborn: Research, Advocacy, and Destination Impact
Graham and Don Welsh Discuss the Success of Destinations International’s Annual Conference
Graham and CEO Andre Kiwitz on Ventura Travel’s UK Move and Recruitment for the Role
Brett Laiken and Graham Discuss Florida’s Tourism Momentum and Global Appeal
Graham and Elliot Ferguson on Positioning DC as a Cultural and Inclusive Global Destination
Graham Talks to Fraser Last About His England-to-Ireland Trek for Mental Health Awareness
Kathy Nelson Tells Graham About the Honour of Hosting the World Cup and Kansas City’s Future
Graham McKenzie on Sir Richie Richardson’s Dual Passion for Golf and His Homeland, Antigua
ADS PRO 
France prepares for a massive strike across all transports on September 18
Turkish tourism stalls due to soaring prices for accommodation and food
CCS Insight: eSIMs ready to take the travel world by storm
Germany new European Entry/Exit System limited to a single airport on October 12, 2025
Airlines suspend Madagascar services following unrest and army revolt