A study by world renowned Oxford Economics, an affiliate of Oxford University, states that a handful of Asian countries, including India and China, would lead in global travel in the next 10 years due to improving economy and growing income. The study has been commissioned by Amadeus, a technology provider to travel industry. <\/p>\n
According to the study, along with India and China, other large emerging markets will be Russia, Brazil, Indonesia and Turkey and each of these too will average more than 5% annual growth over the next 10 years. <\/p>\n
The study draws on detailed macro-economic modelling as well as qualitative interviews with industry experts to forecast a wide range of future trends, including pockets of growth and opportunity that will shape the next decade of travel. <\/p>\n
\"Forecasts predict a new golden era for travel, which will be welcome news for many segments of the industry that are only just beginning to emerge. Oxford Economics defines outbound travel as travel from the originating country to another country,\" said Holger Taubmann, SVP Distribution, Amadeus. <\/p>\n
The report goes on to add that macro trends driving industry growth over the next decade predict an optimistic macro-economic outlook for global travel over the next 10 years, with the industry projected to outstrip global GDP by some 2%, growing 5.4% per annum. <\/p>\n
Moreover, global travel is now set to grow at a significantly faster rate than during the financial crisis. Also, China's growth in outbound travel, which as recently as 2005 stood at just 1%, will enable it to overtake the US to become the world's largest outbound travel market this year. <\/p>\n
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India, China to lead in global travel in next decade: Oxford study<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" A study by world renowned Oxford Economics, an affiliate of Oxford University, states that a handful of Asian countries, including India and China, would lead in global travel in the next 10 years due to improving economy and growing income. The study has been commissioned by Amadeus, a technology provider to travel industry Continue reading