in Affected Destinations
World Travel & Tourism Council Report
|May 2003 - At The 3rd Global Travel & Tourism Summit in Vilamoura,
Portugal, the World Travel & Tourism Council (WTTC) released a special
report on the economic impact of SARS on the Travel & Tourism industry
in China, Hong Kong, Singapore and Vietnam.
This special WTTC report has quantified the impact of SARS (Severe Acute Respiratory Syndrome) on the four countries where the World Health Organization has declared travel advisories.
The WTTC estimates are based on WTTC's recently released 2003 Tourism Satellite Accounting research, which is produced with Oxford Economic Forecasting. They show that the impact will be massive.
WTTC/OEF has estimated that in 2003:
Richard Miller, Vice President of Research and Economics for WTTC said, "The SARS crisis in China, Hong Kong, Singapore and Vietnam is perhaps the most dramatic prolonged shutdown of the industry on record. Only the 9/11 events in the United States can serve as a point of reference and the SARS impact is 5 times greater. Although we do not expect the impact to be permanent, and in fact expect a return to normal levels of business by 2005, the short-term impact is unprecedented."
Jean-Claude Baumgarten, President of the WTTC said, "Our industry faces an enormous challenge in rebuilding these huge losses to the industry and the economies of these countries. We call on the public and private sectors in these countries and serving these countries to join forces and help restore visitor confidence and traffic at the earliest possible moment."
The figures are based on the Tourism Satellite Accounting research prepared for the WTTC by Oxford Economic Forecasting. TSA research quantifies all aspects of Travel & Tourism demand, from personal consumption to business purchases, capital investment, government spending and exports. It then translates this information into economic concepts of production, such as gross domestic product and employment, which can be compared with other industries and the economy as a whole to provide credible statistical information that will assist in policy and business decision processes.
The World Travel & Tourism Council is the forum for global business leaders in Travel & Tourism comprising the presidents, chairs and CEOs of 100 of the world's foremost companies. It is the only body representing the private sector in all parts of the Travel & Tourism industry worldwide.
World Travel & Tourism Council
|Also See:||Confusion for Travelers About SARS ; A Bigger Danger in China Is Getting Run Over by a Truck! / April 2003|
|On March 12th, SARS Reared its Ugly Head; Every Cloud Has a Silver Lining / Karl D. John / April 2003|