Global Travel & Tourism spending leapt over US$6 trillion mark in 2005, according to 2006 Tourism Satellite Accounting research by the World Travel & Tourism Council (WTTC) and Accenture.  

The WTTC reported an industry growth of 5.7 per cent from 2004 to 2005, reflecting increased resilience of consumers to global events such as the December 2004 tsunami and the 2005 bombings in London and Egypt.

Prospects for 2006 show strong long-term growth indicated by the 10-year annualized real growth of 4.2 per cent per annum. Industry real growth is forecasted 4.6 per cent amounting to US$6.5 trillion in 2006.

The Travel & Tourism industry is expected to create 2.5 million new jobs largely due to increases in international travel.

Global Managing Director of Accenture’s Transportation and Travel Services Practice, Peter Franz said industry and customer data were critical for companies wishing to improve growth performance.

The WTTC’s list of top ten Travel & Tourism economies expects Montenegro to achieve the highest growth rate of 10.2 per cent for the third consecutive year. India and China are placed second and third respectively, demonstrating the emerging middle-class travellers.

President of WTTC, Jean-Claude Baumgarten highlighted how developing countries like Montenegro, Romania and Namibia are using Travel & Tourism to promote economic development.

(www.etravelblackboard.com)