World Travel & Tourism yielded about US$6,477.2 billion of economic activity (Total D
emand) in the year 2006. As per the estimations the growth rate in nominal terms, will assume the total industry valuation to US$12,118.6 billion by 2016. Total Demand (or in other words, 100% of the world market share in Travel and Tourism) is anticipated to grow by 4.2% per annum, in real terms, between 2007 and 2016.
Post the time of stagnation sparked by the events of September 11, 2001 coupled with slow development of the global economy, struggles and conflicts in the Middle East and infrequent terrorist attacks worldwide, International tourism has recoiled strongly since 2004, both in terms of inbound and outbound.
World Tourism demand like the global economy continues to surpass expectations, showing resiliency against external factors. The estimated 842 million arrivals in the year 2006 comprise an additional 36 million over 2005 level, producing a new record for the industry. Of the extra 36 million, 17 million were for Europe, 12 million for Asia and the Pacific, 3 million for Africa and for the Americas, respectively and nearly 2 million for the Middle East.
Among the various regions, while Africa showed the highest annual growth rate for international tourist arrivals in both 2006 and 2005 (above 8%), it was pursued closely by Asia and the Pacific – 7.7% in 2005 and 7.6% in 2006.
By sub-regions, South Asia recorded the highest annual growth rate in 2006 (10.1%), followed by Sub-Saharan Africa (9.4%) and South East Asia (9%). Europe and Middle East presented a growth rate of 4% in 2006. The weakest region was America, whose estimated growth rate was 2% 3.
