Geopolitical events are further impacting economic performance, with conflicts affecting certain destinations in the Middle East and North Africa, Russia and Ukraine. Nonetheless, travel continues to shine globally, with arrivals reaching over 1.1 billion in 2014, up by 4.3%. 2015 is forecast to see slightly slower growth, estimated at 3.7%.
Economic growth across the globe continues to be uncertain, with rising geopolitical unrest, a potential US interest rate rise, oil price volatility and the Eurozone crisis all cause for concern.
The International Monetary Fund predicts global GDP growth of 3.2% for 2015, with advanced economies showing an improved outlook with growth slowing in emerging markets.
The normally strong Chinese economy has also struggled recently, facing sharp stock market falls in late summer 2015, giving rise to concerns about a hard landing.
Geopolitical events are further impacting economic performance, with conflicts affecting certain destinations in the Middle East and North Africa, Russia and Ukraine. Nonetheless, travel continues to shine globally, with arrivals reaching over 1.1 billion in 2014, up by 4.3%. 2015 is forecast to see slightly slower growth, estimated at 3.7%.
Expenditure is also rising, with the Asia Pacific region predicted to see the fastest growth in inbound expenditure over the next five years.
The mobile booking channel has finally reached the mainstream, accounting for some US$96 billion of travel sales globally in 2014.
Despite a recent slowdown, outbound Chinese travellers are still on the rise, reaching over 84 million in 2014, with increasing disposable incomes favouringoverseas trips.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
