The World Travel & Tourism Council (WTTC) has signed an agreement with the Government of the Republic of Serbia, Ministry of Finance and Economy through the National Tourism Organisation of Serbia (NTO) to produce a wide-ranging study that will demonstrate the tourism potential of the country.
The study has been commissioned to fully assess both the economic impact of Travel & Tourism on the Republic of Serbia, as well as outline current and future policy recommendations for the country. This is a proactive approach to enhance the current efforts of the NTO and the Ministry and is a first such relationship with WTTC.
David Scowsill, President & CEO of WTTC, launched the commission for this study at his address to the UNWTO Executive Council Meeting in Belgrade on Tuesday 28th May. David Scowsill said: “In order to stimulate investment income from the private and public sector, countries require reliable, robust data on Travel & Tourism. As the forum for business leaders in the Travel & Tourism industry, WTTC is best placed to understand and advise upon the requirements of private-sector investors.”
A full policy review will be conducted along with a section on global and the country’s Travel & Tourism trends. Combined with the detailed the economic impact assessment, the trends and policy review will guide the recommendations for policy measures that would best enable Travel & Tourism to achieve its economic potential, and serve as a foundation for the development of the Republic of Serbia’s National Tourism Strategy.
The report will be prepared during the second half of 2013 and will be presented to the National Tourism Organisation and Ministry in late 2013. CEO of the NTO, Gordana Plamenac, commented: “We are experiencing significant year on year growth from many of our important markets, but we are also aware of the need for accurate independent analyses which will further boost confidence from foreign investors and help our country to maximize returns from tourism and to achieve better exposure internationally”.
WTTC has recently produced reports for the Hainan region in China and Montenegro. The studies are based upon simulated Tourism Satellite Account (TSA) methodology which WTTC produces with its research partner, Oxford Economics. The report helps a country or region to provide a robust understanding of the economic contribution of Travel & Tourism to an economy, and to identify gaps in information that are needed to build a UNWTO Satellite Account.
The World Travel & Tourism Council is the global authority on the economic and social contribution of Travel & Tourism. It promotes sustainable growth for the industry, working with governments and international institutions to create jobs, to drive exports and to generate prosperity. In 2012 Travel & Tourism accounted for 260 million jobs globally. At US$6.6 trillion (9.3% of GDP) the sector is a key driver for investment and economic growth. For more than 20 years, the World Travel & Tourism Council has been the voice of this industry globally. Members are the Chairs, Presidents and Chief Executives of the world’s leading, private sector Travel & Tourism businesses. These Members bring specialist knowledge to guide government policy and decision-making, raising awareness of the importance of the industry as an economic generator of prosperity.