India Shining seems to be rubbing off on travel and tourism industry. India has been ranked the second fastest growing travel and tourism economy in the world,…
India Shining seems to be rubbing off on travel and tourism industry. India has been ranked the second fastest growing travel and tourism economy in the world, one spot ahead of China, and right behind chart-topper Montenegro, as per the latest 2004 Travel and Tourism forecasts released by World Travel & Tourism Council in London.
Global travel and tourism industry is poised for a recovery in 2004 battling the fall out of 9/11, the war in Iraq, SARS and the downturn in economy over the last two years. Over the next ten years the annualized real growth in demand for travel and tourism is expected to grow by 10.3 per cent for Montenegro. The figure is pegged at 8.8 per cent for India and 8.7 per cent for China. WTTC ascribes the growth in India and China to the impact of the emerging middle-classes on the economy. As per the forecast, global travel and tourism industry is expected to add nearly 10 million new jobs – through direct and indirect employment – in 2004. WTTC expects global travel and tourism economy to be worth around $5.5 trillion in 2004, growing at a rate of 5.9 per in real terms.
“The ten-year annualised growth (2005-2014) forecast is 4.5 per cent per annum illustrating the outlook for a bull market recovery in 2004,” the trade body said. The combined direct and indirect impact of the travel and tourism economy is expected to total 10.4 per cent of world GNP in 2004.
| Travel & Tourism Demand, 2005-2014(% Annualized Real Growth) | ||
| 1 | Montenegro | 10.3 |
| 2 | India | 8.8 |
| 3 | China | 8.7 |
| 4 | Vietnam | 8.3 |
| 5 | Angola | 8.2 |
| 6 | Laos | 8.1 |
| 7 | Chad | 7.7 |
| 8 | Guadeloupe | 7.4 |
| 9 | Fiji | 7.3 |
| 10 | Uganda | 7.3 |
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
