Top 10 countries – The recovery of the travel and tourism sector since the pandemic has not been without challenges. Added to this are macroeconomic, geopolitical, and environmental factors, which have added pressures to the industry.
Some economies are better positioned than others to make these changes, respond to future risks, and ensure that travel and tourism is an engine of economic growth and prosperity.
These pressures will amplify and evolve in the coming years and, together with the growth of digital technologies and artificial intelligence, are likely to force the travel industry to adapt.
On the one hand, the rebound in travel and tourism has coincided with greater capacity and connectivity of global air routes, greater international openness, and greater investment in natural and cultural resources that drive tourism. On the other hand, non-leisure demand continues to lag, labor shortages persist, and air route capacity and connectivity, capital investment, and productivity have struggled to keep pace with demand.
But the index also shows that while 71 of the 119 economies it ranks improved their scores between 2019 and 2023, the average improvement is just 0.7% above pre-pandemic levels.
This group is leading the way, with many of the above-average improvements in scores coming from low- to upper-middle-income countries, including sub-Saharan and northern Africa, Eurasia, South America, South Asia and the Balkans, and Eastern Europe.
This has created an imbalance between supply and demand which, together with inflationary pressures, has led to reduced price competitiveness and disruptions in services. Of the 30 countries with the highest TTDI scores in 2023, 26 are high-income countries. Nineteen of them are based in Europe and seven are in Asia Pacific.
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While many have shown improvements, these less wealthy countries still make up the vast majority of those scoring below average on the index. More investment is needed to help increase your market share and improve your preparedness for future risks and opportunities.Top 10 countries
These countries benefit from favorable business environments and labor markets, open travel policies, adoption of advanced technology, excellent transportation and tourism infrastructure, and rich natural, cultural, and non-leisure attractions.Top 10 countries
As a result, this group of 30 accounted for more than three-quarters of Trinidad and Tobago’s industry GDP in 2022 and 70% of GDP growth between 2020 and 2022.Top 10 countries