Delhi: World Travel and Tourism Council (WTTC) has
released the findings of the third set of Tourism Satellite
Accounting Research 2003.
report, released by Jean-Claude Baumgarten, president,
WTTC, highlights the historical results, estimates the
current performance of India's travel and tourism, and
provides short- and long-term forecasts based on the most
recent national and international data sources and econometric
models developed by Oxford Econometric Forecasting.
report findings highlights that in 2003, India's travel
and tourism industry is expected to generate 2.0 per cent
of the gross domestic product (GDP) and 11,093,100 jobs,
while the broader travel and tourism economy is expected
to total 4.8 per cent of the GDP and 23,839,800 jobs.
Looking ahead, the forecast for travel and tourism demand
is expected to total 7.4-per cent real growth in 2003,
and 8.8-per cent real growth per annum between 2004 and
is a potential market for the travel and tourism industry.
Through the Tourism Satellite Accounting Research 2003
we will bring the travel and tourism industry together
to reach higher skies for achieving the best optimum results,"
says Yogesh Chandra, secretary general, WTTC.
WTTC research quantifies and documents the travel and
tourism economics for India, the first step towards addressing
mission-critical issues such as tourism management, tourism
marketing and promotion, tourism infrastructure, taxation,
aviation policy and much more.
Baumgarten also elaborated on the impact of SARS on travel
and tourism in South East and East Asia, particularly
China, Hong Kong, Singapore and Vietnam. He mentioned
that personal and business travel in these countries had
declined by 25 per cent and capital investment by 10 per
cent during the SARS epidemic.
and tourism demand had declined by 4.9 per cent in Vietnam,
13.4 per cent in Singapore, 10.4 per cent in Hong Kong
and 13.4 per cent in China. The total loss of jobs has
been 61,700 in Vietnam, 17,550 in Singapore and 27,340
in Hong Kong. It is feared that China will suffer a loss
of 2.8 million industry jobs or 20.0 per cent of the total.
gave the WTTC assessment of a fall in travel and tourism
demand of -0.6 per cent because of the SARS epidemic.
Globally, the loss of travel and tourism industry jobs
will be 2.9 million or 4.3 per cent of the total employment.
WTTC is delighted to have collaborated with the Kerala
government to produce the report the first simulated
Tourism Satellite Account (TSA) for an Indian state. Kerala
is also one of the first state or provincial governments
in the world to quantify the far-reaching contribution
of travel and tourism to economic growth and employment
thanks to the implementation of this new accounting concept,
approved by the United Nations Statistical Commission.
report estimates the current performance of Kerala's travel
and tourism and provides forecasts based on the most recent
national and international data fed into econometric models
developed by WTTC's research partner, Oxford Economic
quantifies all aspects of travel and tourism demand, from
personal consumption to business purchases, capital investment,
government spending and exports. It then translates this
information into economic concepts of production, such
as gross state product 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 processes.
report highlights that travel and tourism is already one
of the highest priority industries and employees for the
Kerala government. Demand growth in Kerala is the highest
in the world and is projected to increase by 11.4 per
cent per annum over the coming decade.
major policy recommendations in the report are:
1. Establish development authorities for selected destinations.
2. Encourage greater market and product diversification.
3. Promote coastal cruises, luxury houseboats, water sports,
ayurveda, Kerala's cuisine and traditional festivals:
Kerala's policy-making system.
high priority on education and training.
report underlined access to Kerala as the single-largest
deterrent to travel in the state.
is the business leaders' forum for travel and tourism,
working with governments to raise awareness of the importance
of the world's largest generator of wealth and jobs. With
the chief executives
of more than 100 of the world's leading companies in membership,
WTTC has a unique mandate and overview on all matters
related to success in travel and tourism.