The Global travel and tourism is expected to grow by 3.3 percent which is faster than the predicted United States GDP growth of 2.3 percent. The increase in Asian travelers especially visitors from India and travelers from China are accounting for this increase. The US is also expected to contribute strongly to the international travel thanks to the strength of the US Dollar, in particular when compared to the Euro.
There are interesting changes in global travel patterns. The two regions experiencing large growth in the travel insurance industry are emerging Asia and Latin America. Brazil’s Olympic Games has helped raise the travel interest in people there despite its economic problems.
European countries like France and Turkey will contribute less than the forecast in the travel and tourism industry due to series of militant attacks, political and economic turmoil. Islamist militant attacks in Paris, Nice and Brussels has lowered the tourism attraction in Europe. The GDP will grow to 1.1 percent in France this year compared to 2.9 percent in the previous year. Places like Australia is attracting lots of Asian travellers who have changed their mind of vacationing in Europe.
Global travel trends and growth of travel insurance industry
