Restaurant News Resource - World Travel & Tourism Council Restaurant Industry News

World GDP fell by 2.1% in real terms, with developed economies - a major source of demand for Travel & Tourism - the most severely affected. Households curtailed leisure travel plans, substituting lower-cost short-haul and domestic travel for more expensive long-haul trips, and corporations reduced business travel budgets.

Although its Contribution to Global GDP has Slipped Further in 2009, and the Recovery Will be Slow, Travel & Tourism Remains a Key Engine of Growth

The Latest Research for Travel & Tourism Anticipates a Slowdown in the Industry in 2008 but Prospects are Bright for the Coming ten Years

World Travel & Tourism is expected to generate in excess of US$7 trillion in 2007, rising to over US$13 trillion over the coming decade according to the World Travel & Tourism Council's (WTTC) Tourism Satellite Account (TSA) research, sponsored by Accenture and prepared by Oxford Economics.

Travel & Tourism spending exceeded US$6 trillion globally in 2005, according to the 2006 Tourism Satellite Accounting research released by the World Travel & Tourism Council (WTTC) and Accenture (NYSE: ACN). The data, announced at a meeting of WTTC members, reveal industry growth of 5.7 per cent from 2004 to 2005.

At an event to mark the 15th anniversary of the World Travel & Tourism Council, at the World Travel Market in London on Monday, a panel of industry leaders commented on their expectations of the future.

The World Travel & Tourism Council (WTTC) announced that Washington DC, USA would be the venue of the 6th Global Travel & Tourism Summit, taking place from April 10 to 12, 2006.

Following last week's bombings in London the World Travel & Tourism Council Crisis Committee was convened to discuss the events and the potential repercussion on Travel & Tourism in the UK and elsewhere.