Asia Pacific tourism a huge revenue spinner
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Asia Pacific tourism revenues is expected to top US$4.6 trillion and visitor arrivals to reach close to 500 million by the end of 2010, according to the Pacific Asia Travel Association.
These remarkable figures headline PATA’s newly-published Asia Pacific Tourism Forecasts 2008-2010, officially launched in Singapore yesterday.
PATA’s glowing report for the region comes amid concerns over a US recession, local impacts of that and regional stock market volatility.
Despite these, PATA Forecasts predict robust average annual growth rates of 7-8%.
PATA Director, Strategic Intelligence Centre, John Koldowski, explained that as much as two-thirds of all international arrivals into Asia Pacific are generated from within the region.
“Due to the global nature of business, Asian markets will inevitably be impacted by a slowdown in the US economy triggered by the credit crunch. However, the medium-term outlook for most Asian economies is very strong with growth rates well above world averages.”
The report also indicated strong outbound growth - in volume - from China, Korea, Singapore and the US. It also pointed to strong outbound growth - in percentage terms - from Gulf markets (including Bahrain and Oman) and Greater Mekong region markets (including Myanmar, Laos and Vietnam);
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