Global economy discussed

The Global Economic Forum at the World Travel Market 2008 (WTM) will be providing senior travel and tourism executives with an in-depth look at the state of the global economy moving forward into 2009-2010.

Deutsche Bank Group chief economist professor Norbert Walter will give a keynote address on Thursday November 13, followed by a series of presentations from leading travel industry economics experts including Jean Claude Baumgarten, president and COO of the World Travel and Tourism Council (WTTC); senior airline industry consultant, John Strickland; and chairman of Oxford and Tourism Economics, John Walker. The event will be chaired by former economics journalists and BBC broadcaster Peter Hobday. The main theme the forum will investigate is “ Is the industry at a Crossroads?”

Professor Walter said recently, “All major economies are facing downside risks to growth and upside risks to inflation, but dynamics differ widely. The US economy is growing well below its potential due to the sub-prime crisis and several European countries are on the brink of a recession due to necessary corrections in their construction and real estate sector. The emerging markets are holding up surprisingly well, but very high inflation necessitating higher interest rates is dampening growth. Rich commodity exporting countries will balance downward tendencies. Their economic weight, however, is too small to avoid a continued downswing in 2009.”