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The Future of Travel & Tourism in Light of September 11, 2001 Graham Wason Vice President, Strategy & Development Agenda Overview of the Impacts Implications on the Future Role of Industry and Government Impact on Demand 35% Reduction in US Revenue Passenger Kilometers (IATA) 20 - 25% Reduction in Rest of the World Traffic (IATA) 40 - 50% Empty Capacity US Airlines Cut 97,000 Jobs “September was the worst month in the history of the business….. …..occupancies and room rates drastically reduced, as much as 50% to 60%” Bill Marriott Chairman & CEO Marriott International, Inc. & Member of WTTC Impact on Demand Corp. Travel Demand: Expected 50% Decline to January 2002 (TBR) Global Air Traffic: Expected 10% Decline in 2002 (Merrill Lynch) 1.5% Decline in 1991 Due to Gulf War & Weak Economy (Merrill Lynch) Impacts on Industry Worldwide Airlines: 131,190 Jobs Postponed Airport / Infrastructure Development Projects in 2002 Demand for New Aircraft Evaporated for 2003 and 2004 WTTC Benchmark 10% Reduction in Travel & Tourism Demand United States: - 1.8% of total GDP - 1.1 Million Jobs European Union: - 1.9% of total GDP - 1.2 Million Jobs World: - 1.7% of total GDP - 8.8 Million Jobs Implications for the Industry Increased Costs US Government Rescue Package Psychological Damage to Traveller Structural Changes to Infrastructure Effective Communication of Safety and Security Enhancements Need for Action Improve Measurement Tools Unite Industry Participants Harmonise International Safety and Security Measures Co-ordinate our Messages Global Coalition Leading International Travel & Tourism Associations Calling on Governments to: Harmonize International Safety and Security Restore Consumer Confidence Join Public/Private Partnerships Travel & Tourism Global Economic Impact of Travel & Tourism Year 2001: Year 2011: 10% GDP 207 million jobs 11% GDP 260 million jobs Bulgaria Economic Impact of Travel & Tourism by 2011 BGN4,852 Million 9.7% total GDP 220,000 jobs 7.6% total Employment If travel & tourism in Bulgaria grows at the same rate of growth as the European Union 182,000 additional jobs will be created by 2011. WTTC Long Term Planning A political engine A supportive regulatory framework Public Private Partnerships Seven Strategic Priorities Vision the future for travel and tourism - a future for everyone Measure and promote the economic importance of travel and tourism Communicate a positive image of the industry as a provider of jobs and career opportunities Seven Strategic Priorities Encourage free access, open markets, open skies and the removal of barriers to growth Match infrastructure development and customer demand Seven Strategic Priorities Facilitate access to capital resources and technological advancement Promote responsibility in natural, social and cultural environments.