On Wednesday May 4 at 2pm at the Arabian Travel Market, Dubai, Richard Miller, Executive Vice President of the World Travel & Tourism Council…
On Wednesday May 4 at 2pm at the Arabian Travel Market, Dubai, Richard Miller, Executive Vice President of the World Travel & Tourism Council (WTTC) will release WTTC`s 2005 Middle East economic forecast for the Travel & Tourism sector, which represents over 10 per cent of global GDP and more than 200 million jobs.
WTTC`s annual forecast for 174 economies is eagerly awaited and viewed with particular interest by governments, leading economists and by sector specific analysts following the fortunes of Travel & Tourism businesses such as hotels, airlines, car hire and tour operators.
After recovering from several of the most difficult years in the industry`s history, at the hands of war, terrorism, SARS and a significant economic downturn, the major question mark over the Travel & Tourism sector is how will far and fast will 2005 add to the 2004 global recovery. WTTC`s forecasts will answer these questions and will also identify the prospects for Middle East and which Middle Eastern Travel & Tourism economies are best positioned for future growth.
Known as Tourism Satellite Accounting (TSA), WTTC`s research covers 174 countries and over a dozen regions worldwide, focusing on several economic fundamentals, including Travel & Tourism demand, visitor exports, GDP contribution and employment.
TSA research quantifies all aspects of Travel & Tourism demand, from personal consumption to business purchases, capital investment, government spending and exports. This information is translated into economic concepts of production, such as gross domestic product (GDP) and employment, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy and business decision-making.
The forecasts are prepared by Oxford Economic Forecasting following a methodology that is internationally endorsed by the United Nations.
During the seminar, in Ajman D at the Arabian Travel Market, Richard Miller, WTTC`s Executive Vice President, will present the main numbers and will also identify significant economic trends. He will present headline data for the Middle East and will single out specific countries for comment.
The countries covered by WTTC`s Middle East report are: Bahrain, Iran, Israel, Jordan, Kuwait, Lebanon, Oman, Qatar, Saudi Arabia, Syria and United Arab Emirates.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.
