WTTC Status on Asia - 'Staying on Course'
Singapore, 14 October 1998: - Addressing the plenary session at the World Economic Forum (WEF) East Asia Summit in Singapore, Dr Cheong Choong Kong, Deputy Chairman and CEO, Singapore Airlines, called on governments and the private sector to recognise Travel & Tourism medium term growth and employment potential, and implement a strategic action agenda:
Ensure short-term macro and micro policy adjustments also take into account the long term growth potential of Travel & Tourism.
Enhance the investment climate by demonstrating regional solidarity and cohesion, avoiding "begger my neighbour" policies and adopting a medium term vision of strong growth.
Continue to progressively liberalise regional markets for trade, transport, and telecommunications.
Invest in concentrated export promotion at regional as well as national levels.
Advance the virtuous circle of sustainable development, infrastructure and job creation.
Break the vicious circle of red tape, high taxes, reduced demand and less jobs.
Build on the enormous and well deserved reputation for service by upgrading human skills and targeting quality.
These points reflect the World Travel & Tourism Council (WTTC)'s Millennium Vision for Asia.
WTTC's President, Mr Geoffrey H Lipman speaking at the Summit Travel & Tourism session said:
"WTTC/WEFA figures for the third quarter of 1998 show that the Travel & Tourism industry is hurting like everybody else in the current economic crisis and we have revised our expectations downwards. The 1998 results for the Asia Pacific region are likely to show a small decline in Travel & Tourism GDP in line with global economic trends. We are still bullish about Travel & Tourism growth in the medium term, predicting a recovery in the order of 2 to 3 per cent for GDP and employment in the next couple of years and in order of 4 to 6 per cent in the first decade of the new Millennium."
Sir Frank Moore, WTTC Member and Chairman of the Tourism Forecasting Council, Australia, said:
"The speculation and bad financing practice associated with the absence of credible forecasts has been an important factor in the current 'boom and bust' cycle. The industry need better planning for the future. The Tourism Forecasting Council has developed a model to evaluate demand and cycles which can be used as an early warning system throughout the region."
Mr Lipman concluded that:
"It is absolutely crucial that Asian governments factor Travel & Tourism into economic recovery programmes as an export and a job creator. Now is the time to invest in regional promotion, human resource development and sustainable infrastructure."
Notes to Editors: The World Travel & Tourism Council (WTTC) is the Global Business Leaders Forum for Travel & Tourism. Its Members are Chief Executives from all sectors of industry, including accommodation, catering, entertainment, recreation, transportation and other travel-related services. Its central goal is to work with governments to realise the full economic impact of the world's largest generator of wealth and jobs - Travel & Tourism.