Research commissioned in time for the WTTC Global Summit in Madrid, April 2015, looks at where the greatest current and future investment needs for T&T in Europe are, where future investment funding is likely to come from and how planning for investment projects will have to change to succeed in future. The report draws on data from WTTC’s annual Travel & Tourism Economic Impact Research 2015 and the World Economic Forum’s Travel & Tourism Competitiveness Index 2013.
Despite €2.1 trillion worth of Travel & Tourism investment made in Europe over the next decade (5% of total investment), this report shows that several countries could fail to achieve baseline forecasts for Travel & Tourism GDP and jobs, and fall behind in global competitiveness terms, due to limited infrastructure and underinvestment relative to Travel & Tourism demand.
Government deficits, fiscal austerity and high competition for foreign direct investment requires future investments to be smart and well-targeted. This need for smarter investments gives even more importance not only to opportunities for greater collaboration between public and private actors, but also to seeking cross-border cooperation and creative funding options. Breaking down barriers to infrastructure development through the right business, political and regulatory frameworks will help to ensure that Travel & Tourism in Europe maintains a strong and competitive position.
Travel &Tourism is forecast to grow as fast, or faster, than the economies overall in every major European region. The analysis here looks at the importance of investment to growth in Travel & Tourism and provides data on the countries across Europe that will have the greatest infrastructural needs over the coming decade.
Also available in SPANISH