Tourism prospects for 2004 to be revealed

A forecast for tourism recovery in 2004 is to be released by the World Travel & Tourism Council next week. The UK and European Union economic forecast for travel and tourism is to be revealed by the forum of travel industry business leaders in London on March 10. Due to be presented at the London Stock Exchange by WTTC executive vice president Richard Miller, the study will identify EU and global economies best positioned for future growth in travel and tourism. The forecast follows two of the most difficult years in the industry’s history due to the Iraq war, terrorism SARS and a significant economic downturn. The WTTC said: “The major question mark over the travel and tourism sector is whether 2004 will see a recovery and if so how large and where.” The annual forecast covers 174 countries, including EU nations, and includes economic data, travel and tourism demand, GDP contribution and employment. It is prepared by Oxford Economic Forecasting. The WTTC’s forecast for the US was released on in New York on Friday showing that inbound visitors from the UK and Europe will be worth almost $100 million, a 14.7% rise on 2003. The stregth of Sterling and the Euro are expected to contribute to the growth. WTTC president Jean-Claude Baumgarten said: “After nearly three years of gloom and doom we’re expecting the pent up domestic demand to surge in the US while inbound visitors especially from Europen, where the Euro and Pound are particularly strong, are expected to provide a much needed boost to the industry.” ALSO READ: ABTA FRAUD LATEST: Executive named Report by Phil Davies