Stay connected
Subscribe to our Inside WEX blog and follow us on social media for the insider view on everything WEX, from payments innovation to what it means to be a WEXer.
"*" indicates required fields
Uncategorized
What Countries Are Fighting Hardest for Tourist Dollars?
With the majority of the world making its way out of the recession of 2009, tourism is seeing more spending, with the sector’s growing faster than the overall economy and expected to reach US$11.3 trillion by 2025, according to the World Travel and Tourism Committee. But where will these tourist dollars be going? Recent research from the World Economic Forum looks to answer that.
Researching 141 economies worldwide, the World Economic Forum report on global tourism competitiveness found Spain to be leading the world, with France, Germany, United States and United Kingdom rounding out the top five.
What Makes a Competitive Country for Tourism?
The repot takes into consideration 90 individual indicators, compiled into 14 pillars in 4 subindexes: The Enabling Environment, Travel and Tourism Enabling Conditions, Infrastructure, and Natural and Cultural Resources.
Enabling Environment
- Business Environment (12 indicators)
- Safety and Security (5 indicators)
- Health and Hygiene (6 indicators)
- Human Resources and Labour Market (9 indicators)
- Information and Communications Technology (ICT) Readiness (8 indicators)
T&T Policy and Enabling Conditions
- Prioritization of Travel and Tourism (6 indicators)
- International Openness (3 indicators)
- Price Competitiveness (4 indicators)
- Environmental Sustainability (10 indicators)
Infrastructure
- Air Transport Infrastructure (6 indicators)
- Ground and Port Infrastructure (7 indicators)
- Tourist Service Infrastructure (4 indicators)
Natural and Cultural Resources
- Natural Resources (5 indicators)
- Cultural Resources and Business Travel (5 indicators)
The Survey data is derived from responses to the World Economic Forum’s Executive Opinion Survey and range in value from 1 to 7. Individual indicators are available here, and to see rankings based on each pillar of the report, click here.
Which Regions Are Best Suited for Travel and Tourism?
Regionally, Europe and Caucasus scored highest with six of the top ten countries from this region, although regional divides between top and bottom performers do exist. This region was followed by the Americas (headed by the United States, 4th in the overall list); Asia Pacific, including Central Asia (headed by Australia, 7th overall); Middle East and North Africa (United Arab Emirates, 24th); and Sub-Saharan Africa (South Africa, 48th).
This is displayed by the following graph, displaying position of each region in terms of the fourteen pillars:
Top 10 Countries
https://agenda.weforum.org/wp-content/uploads/2015/05/TTCR15_Shareables_english_facebook-1_03.jpg
See the Travel and Tourism Heat Map to see each country’s standing, or view the interactive list here.
Countries on the Rise: Who’s Investing Most in Travel and Tourism?
Some countries rely on tourism more than others, and many for different reasons. Capping the list of economies prioritizing travel and tourism, Malta, Mauritius, and Cyprus look to gain from tourism:
https://agenda.weforum.org/wp-content/uploads/2015/05/TTCR15_Shareables_english_facebook-1_05-1024×762.jpg
Conclusion
With travel and tourism rebounding healthily, growing economies providing more outbound travel, and countries investing in the infrastructure and technology needed to be branded a tourist destination, the world is getting smaller.
Learn more about WEX Travel and its solutions for international travel brands.