Tourism set to recover in 2004
Global tourism is set for a robust recovery this year according the World Travel and Tourism Council, but it will not get back to pre September 11 levels. Demand for travel and tourism will grow by 5.9% in 2004 according to the WTTC, generating $5.5 billion of economic activity. The forecast was revealed by WTTC executive vice president Richard Miller at the London Stock Exchange on Wednesday using data gathered from 174 countries. The recovery is being driven by a number of factors according to the WTTC, including; the end of the stock market slump, supportive macro policy (particularly in the US), the end of Iraq war uncertainty, and the growth of China as a destination. Money generated from travel and tourism in 2004 will directly and indirectly amount to about 10% of global gross domestic product, according to the WTTC. WTTC president, Jean-Claude Baumgarten, said the figures for tourism in 2004 were extremely encouraging, but he added: “Lets not say ‘hooray’ just yet, because it’s not really back to pre-September 11 levels, but we are getting there.” Following September 11 the WTTC came up with the concept of the “Freedom Date”, which was the day it anticipated tourism reverting to pre-September 11 levels. The day they named was 24 February 2004. Mr Baumgarten said: “We haven’t reached it yet”. But Mr Miller added: “Some of our 174 countries contacted us last month to say that they had reached their pre-9/11 figures. Hopefully we can tick more countries off the list one by one in 2004 until they have all reached their Freedom Dates.” Mr Baumgarten added: “You have to remember that when the terrorist attacks of September 11 took place we were already in an economic downturn.” The forecast follows what Mr Baumgarten describes as “three terrible years”, when tourism was blighted by the Iraq war, terrorism, SARS and a significant economic downturn. Report by Ginny McGrath
Ginny McGrath
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