The new Travel & Tourism Development Index benchmarks and measures "the set of factors and policies that enable the sustainable and resilient development of the Travel and Tourism (T&T) sector, which in turn contributes to the development of a country". The index's 2021 release emphasizes the critical need for investment in Travel and Tourism sector (T&T), the effects of COVID-19, and how sector players can use T&T development methods to improve rebuilding efforts.
In particular, a more inclusive, sustainable, and resilient industry needs to be developed in light of the present challenges, changing demand dynamics, and upcoming possibilities and threats.
The Travel and Tourism Development Index (TTDI) for this year's survey has as its topic "Rebuilding for a Sustainable and Resilient Future." One of the biggest problems the travel and tourism (T&T) industry has ever had to deal with was the COVID-19 epidemic, which threatened not only the success of sector enterprises but also the welfare of tens of millions of workers, local communities, and entire economies throughout the world.
Lessons from recent and ongoing crises must be taken into account, and actions must be taken to instil long-term inclusion, sustainability, and resilience into the T&T sector as it confronts ever-evolving risks and difficulties. By doing this, the industry may keep acting as a catalyst for peace, prosperity, and social and economic advancement on a worldwide scale. The plans for T&T development will be crucial in achieving this.
Findings Of The Report:
The challenging environment the T&T sector is facing is reinforced by relatively flat TTDI results. Between 2019 and 2021, TTDI scores rose by just 0.1% on average, with just 39 of the 117 economies. The index covers improving by more than 1.0%, 51 rising or falling within a 1.0% range, and 27 sliding by more than 1.0%.
The top 10 scoring nations, with the exception of the United States (ranked second), are high-income nations in the Europe and Eurasia or Asia-Pacific regions.
Australia and Singapore, two other regional economies, are ranked seventh and ninth, respectively, behind Japan at the top of the list.
Italy entered the top 10 in 2021, Spain (third), France (fourth), Germany (fifth), Switzerland (sixth), and the United Kingdom round out the top 10 TTDI performers (8th).
On the overall index, Viet Nam improved the most (+4.7%, moving up to 52nd), followed by Indonesia (+3.4%, moving up to 32nd), and Saudi Arabia (+2.3%, moving up to 33rd), moving up from 12th in 2019, while Canada fell out (10th to 13th).
Overall, the TTDI ranking is dominated by the Europe and Eurasia (Europe) and Asia-Pacific (APAC) areas (9.0% and 4.9% above the TTDI norm, respectively). The only region to see a drop in average score since 2019 is Europe (only -0.5%), marginally diminishing its sizable lead.
The sub-Saharan Africa (Africa) region, on the other hand, showed the largest performance improvement (+1.1%), although much more work needs to be done for the region's economies to catch up with the global average (-18.4% below the TTDI average).
The Middle East and North Africa (MENA) and the Americas areas also score worse than the worldwide average (-3.1% and -2.8% below TTDI average, respectively).
However, the Americas region has slightly improved its score (+0.6%), while (MENA) has stayed largely unchanged because its progress (+0.1%) was consistent with the performance of the entire world.
The Key Finding Of The Index Includes:
1.There has never been a greater need for T&T development
The T&T industry is a significant force behind economic growth, global connectivity, and livelihood of some of the persons and enterprises that are most at risk from, and hardest damaged by the epidemic. Supporting T&T's development and recovery will therefore be essential if we are to boost the global recovery, foster resilience, and support all people who depend on the industry for employment.
2. Despite challenging operating conditions, the T&T sector has prospects and a need for adaptability due to changing demand dynamics
Short-term difficulties like diminished capacity, geopolitical unrest, and labor shortages are delaying recovery. The rise of digital nomads, domestic and nature-based tourism, and "bleisure" are a few markets where opportunities have been generated. The stakeholders in the T&T sector's capability for adaptation and flexibility is demonstrated by their ability to adjust in certain circumstances.
3. To assist the industry in improving, T&T development strategies can be used
a more inclusive, sustainable, and resilient industry can be constructed, and it must be built, in the face of the existing problems, altering demand dynamics, and upcoming opportunities and threats. However, this necessitates careful thought and action. Utilizing development drivers and strategies is also necessary, such as: regaining and accelerating consumer confidence and international openness through, for instance, improved health and security; creating favorable and inclusive business, labor, and socioeconomic conditions; placing more of an emphasis on environmental sustainability; improving the management of tourism demand and impact; and investing in digital technology.