Travel & Tourism
Tourism is travel for recreational, leisure or business purposes.
The World Tourism Organization defines tourists as people who
"travel to and stay in places outside their usual environment for
more than twenty-four (24) hours and not more than one
consecutive year for leisure, business and other purposes not
related to the exercise of an activity remunerated from within
the place visited". Tourism has become a popular global leisure
activity. In 2008, there were over 922 million international tourist
arrivals, with a growth of 1.9% as compared to 2007.
International tourism receipts grew to US$944 billion (euro 642
billion) in 2008, corresponding to an increase in real terms of
1.8% on 2007.
Despite the recent global recession, international tourist
arrivals during the first four months of 2008 followed a
similar growth trend than the same period in 2007. However,
as a result of the economic crisis of 2008, international travel
demand suffered a strong slowdown beginning in June 2008,
with growth in international tourism arrivals worldwide
falling to 2% during the boreal summer months, while growth
from January to April 2008 had reached an average 5.7%
compared to its 2007 level. Growth from 2006 to 2007 was
only 3.7%, as total international tourism arrivals from
January to August were 641 million tourists, up from 618
million in the same period in 2007.
Tourism is vital for many countries, such as the U.A.E, Egypt, Greece
and Thailand, and many island nations, such as The Bahamas, Fiji,
Maldives and the Seychelles, due to the large intake of money for
businesses with their goods and services and the opportunity for
employment in the service industries associated with tourism.
These service industries include transportation services, such
as airlines, cruise ships and taxis, hospitality services, such as
accommodations, including hotels and resorts, and entertainment
venues, such as amusement parks, casinos, shopping malls, various
music venues and the theatre.
