Global Growth
• The IMF predicts global GDP at 3.3% in 2015, marginally lower than in 2014
• BRICs is expected to drive economic performance 2015-2017
• Americas - demand is likely to outpace supply
• Europe - arrivals and incoming receipts have started to pick up
• Middle East - shift away from Egypt, Syria and Lebanon towards the Gulf markets
• Africa - business tourism plus decreasing incomes and urbanization are driving domestic travel
• Asia - remains the leading global region for economic growth
• India - travel and tourism is rebounding
A setback to activity in the first quarter of 2015, mostly in North America, has resulted in a small downward revision to global growth for 2015 relative to the April 2015 World Economic Outlook (WEO). Nevertheless, the underlying drivers for a gradual acceleration in economic activity in advanced economies—easy financial conditions, more neutral fiscal policy in the euro area, lower fuel prices, and improving confidence and labor market conditions—remain intact.