World Travel Leader Measures Cost of September 11, Recession, Gives Forecast for 2002

3/14/2002

From: Scott Mills of the World Travel & Tourism Council (WTTC), 44 (0) 870 727 9882; Mobile: 44 (0) 7939 244 682; E-mail: scottm@wttc.org; Web site: www.wttc.org

LONDON, March 14 -- On Sunday, March 17, the World Travel & Tourism Council (WTTC) will launch its economic research results showing the cost of the September 11 attacks and recession on the travel and tourism industry for 2001-2002.

WTTC, a leading private sector organization for the industry, estimates the September 11 attacks in the United States has impacted greatly on world tourism with a loss of tens of billions of dollars (U.S.) globally, and a correspondingly high loss of jobs in industry-related employment.

"Our research results show a very insightful analysis of what happened to the industry last year, what we will see happening in the next twelve months, and the long-term picture for travel and tourism," says Jean-Claude Baumgarten, WTTC president. "This year will be challenging for the industry but we hope to see a return to growth in the relatively near future if the industry continues its recovery and governments continue to partner with industry to encourage that process to happen."

The Council's estimate for the industry in 2001, including itemized estimates of the effect of September 11 and the recession respectively, and forecast for 2002 and beyond, is the first of its kind undertaken. The analysis of the World, regions, and 160 countries globally, reveals which nations experienced the greatest losses last year to consumer demand and employment, and shows the economic growth and size of the industry in all countries and regions.

The findings will also indicate when the expected return to growth will occur and which countries are forecasted for the fastest growth in the coming years.