World Travel Market
Global Trends Report 2008
According to the IMF, the current financial downturn affecting the globe is set to continue through 2009, with world economic growth to slow to 3.9% in 2008 and 3.0% in 2009. The economic and financial crisis has dramatically altered the shape of the global landscape for travel and tourism, as liquidity dries up, commodity prices rise, inflation increases and consumer demand falls. Uncertainty hangs over the industry, especially as the full scale of the downturn and government intervention in major banking markets is yet unknown. Recession is expected in the world’s advanced markets and even emerging economies are not immune to the slowdown. However, governments have shown their commitment to restoring economic confidence and the IMF predicts a recovery in 2010. So what should the industry brace itself for in the short term?