Global tourism predicted to slow after best year ever

The World Travel and Tourism Council says it has seen a recovery in markets such as Africa. Above, a man walks on the land at Ha Mampho village, Lesotho. (AP)
Updated 22 March 2018
0

Global tourism predicted to slow after best year ever

LONDON: The travel and tourism sector is set for a modest slowdown in 2018 as a result of higher oil prices and airfares, a year after it experienced its best year on record, according to a leading global industry body.
In its annual Economic Impact Report, the World Travel and Tourism Council said Thursday that the sector was responsible for the creation of 7 million new jobs worldwide in 2017, or one in five new jobs.
That was due largely to the fact that the sector outperformed the global economy for the seventh year running, growing by 4.6 percent against 3 percent. The sector, according to the organization, outperformed all others.
“2017 was the best year on record for the travel & tourism sector,” said Gloria Guevara, president and CEO of the WTTC. “We have seen increased spending as a result of growing consumer confidence, both domestically and internationally, recovery in markets in North Africa and Europe previously impacted by terrorism and continued outbound growth from China and India.”
Though the WTTC forecasts 2018 growth of 4 percent as a result of higher oil prices and airfares as well as expectations of rising interest rates in countries such as the US and the UK, it kept its long-term forecasts unchanged, with average annual growth of 3.8 percent over the next decade. By then, it expects the sector to support more than 400 million jobs globally, or one in nine of all jobs.
“As our sector continues to become more important both as a generator of GDP and jobs, our key challenge will be ensuring this growth is sustainable and inclusive,” Guevara said. “Already in 2017, we have begun to see a backlash against tourism in some key destinations.”
So-called overtourism is imperiling cherished buildings, straining infrastructure and harming the experience of travelers and local residents alike. Tourism-phobia has become increasingly prevalent, particularly in European destinations such as Barcelona and Venice, where visitors crowd the same places at the same time. The WTTC is involved in efforts to spread tourists around destinations and smooth out demand over time.
Oxford Economics helped in the compilation of the report, which covers 185 countries.


Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

Updated 19 August 2018
0

Iraq’s Basra Oil, Chevron agree to implement MOU to develop oil fields

  • Executives from the two companies have signed an agreement which outlines a program to develop the fields
  • The MOU provides for Chevron to conduct surveys and studies on oil sites and installations

DUBAI: Iraq’s state-run Basra Oil Company and Chevron agreed to begin implementing a memorandum of understanding to develop fields in the south of the country, the Iraqi oil ministry said on Sunday.
Executives from the two companies have signed an agreement which outlines a program to develop the fields, which includes studies to survey the reservoirs and extraction operations, said a statement posted on the oil ministry’s website.
Iraqi Oil Minister Jabar Al-Luaibi announced in June that Basra Oil and another state-run company, Dhi Qar Oil, signed an MOU with Chevron.
The MOU provides for Chevron to conduct surveys and studies on oil sites and installations and help the two Iraqi companies to improve their technical, administrative and financial performance.