Monday, June 16, 2014

Indonesia to Power Growth in World Tourism

A new report by the Westhill Consulting Travel and Tours, Singapore says Indonesia and other developing markets of its different cities such as Jakarta and Bali are the chief forces that will drive the travel industry, which is anticipated to raise at a faster rate than the global economy over the next decade,

Indonesia will be the driving force behind a decade of growth in the global travel industry, according to a new report.

The report, conducted for the travel agency Westhill Consulting Travel and Tours, Singapore, found that the travel industry will grow at a faster rate than the global economy over the next 5 years, in large part thanks to China and other major emerging countries such as India, Russia and Brazil.

“The travel industry is composed for a period of continued growth over the next decade, driven in part by Indonesia’s share of global outbound travel reaching as much as 20% by 2023,” Westhill Consulting Travel and Tours, Singapore said in a statement.

The rapidly growing middle class in Indonesia will make the country overtake other country as the world’s biggest outbound-travel market this year and the largest domestic travel market in 2017, the report said. The report proposes the global travel industry is finally emerging from the financial crisis, which took a heavy toll on the industry.

“Forecasts predict a new golden era for travel, which will be welcome news for many segments of the industry that are only just beginning to emerge from recession” Heather Grant, Westhill’s senior vice president, said in a statement.

Business travel is also booming in other part in Southeast Asia, and according to the report, Southeast Asia will account for just over half of the growth in global business travels in the next 10 years, while they gave a warning that the West will not reach the level of short-haul business travel it had prior to the financial crisis in 2008 until after 2018.

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