In the last two years since the publication of the previous edition of the Travel & Tourism Competitiveness Report, the framework conditions for the Travel and Tourism (T&T) sector have changed significantly. The world has been facing geopolitical tensions from the Middle East and Ukraine to South-East Asia, growing terrorism threats and fear of the spread of global pandemics. Should they persist, these global challenges could have significant further repercussions on the T&T industry,
as they touch on the pre-condition for the sector
to grow and develop—the ability of people to travel safely. To date, the effect of such events on travel & tourism has been mixed. While some countries have witnessed significant decreases in the number of international visitors, other destinations have remained unaffected. Going forward, uncertainty with respect
to future development of the sector will persist and complex forces are at play. On the one hand, advanced economies face persistent low economic growth while the growth of emerging markets is starting to decelerate. On the other hand, the world continues to become
more interconnected and globalized.