Tourism slowdown reflects global uncertainties - UNWTO
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The latest edition of the UNWTO World Tourism Barometer has confirmed the rapid slowdown of international tourism growth in the latter half of 2008, reflecting current economic uncertainty and declining consumer confidence. Overall growth for 2008 however, is still projected at around 2%, building on the strong results of the first five months.
After a solid start to the year (international tourist arrivals worldwide averaged 5.7% from January-April), growth fell below 2% in June, July and August as the high price of oil and rising inflation took their toll, and together with recession fears, squeezed travel budgets. For the first eight months of 2008, growth averaged 3.7% compared with the same period in 2007 while for the year as a whole it is now projected to be at around 2% globally.
Asia Pacific was the worst hit region, with growth (+4%) deteriorating rapidly from its 2007 levels. In August the region even slid into negative growth. The Middle East however saw the best performance, with growth for the period January through August estimated at 17%.
The Barometer added that the anticipated softening of international tourism growth in 2008, and further in 2009, follows four historically strong years. Between 2004 and 2007 international tourist arrivals grew at a rate of 7% a year, well above the 4% long-term average.
A detailed forecast for 2008 and 2009 for the world and by region is included in the current issue of the UNWTO World Tourism Barometer.
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