26 Oct '11, 9pm

In 5 years Asia will overtake U.S. and Europe to be world's largest travel and tourism market, says WTTC ... (Today)

SINGAPORE - In five years, Asia will overtake the United States and Europe to be the world's largest travel and tourism market, according to the World Travel and Tourism Council (WTTC). The WTTC expects the industry's total contribution - including its wider economic impact - to global gross domestic product to grow by 50 per cent, to US$9 trillion (S$11.4 trillion) over the next decade. It now accounts for one in 12 jobs. But not all segments will enjoy equal growth. While network carriers are gloomy in their outlook, tourism industry players are bright on their prospects in Asia, particularly China. And those whom MediaCorp spoke to said budget carriers can help drive their business. Still, Banyan Tree Hotels and Resorts executive chairman Ho Kwon Ping noted: "The development of secondary and tertiary airports in the region as a whole is critical. Because a lot of the pl...

Full article: http://www.todayonline.com/Business/EDC111027-0000181/Asi...

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