WTTC Sectors Summary Global
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For over twenty years WTTC has worked to bring the Travel & Tourism privatesector together to speak with one voice. Our Members know that progress willonly be made with clear, unambiguous and unified messages. From the outset,our Members understood that hard economic facts were the crucial foundationupon which to base these messages.
As a result WTTC has invested heavily in developing a methodology to measurethe economic impact of Travel & Tourism around the world. In 2011 weaccounted for 9% of GDP , a total of 6 trillion dollars. We supported 255 million
jobs. That means one in 12 jobs on the planet. However, it is no longersufficient just to communicate how important we are as an industry. We have torecognise that in government eyes Travel & Tourism is just one activity that sitsalongside many other sectors. These other sectors are better understood thanour industry. When we hit the depths of the last recession, which industriesimmediately dominated the attention of governments around the world particularly in the US and Europe? The answer was financial services andautomotive manufacturing. Both received billions of dollars of government cash
to keep them functioning.With the support of our Founding Member American Express, we have executedthis substantial research study, which puts Travel & Tourism in the broadercontext of other sectors, and the messages emerging are powerful.
World Travel & Tourism Council
Foreword
David ScowsillPresident & CEO
World Travel & TourismCouncil
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3World Travel & Tourism Council
Foreword
More than any other, the travel industry drives commerce andbusiness, facilitates connections and enables tourism andadventure. American Express has a proud heritage of more than 160years in travel and were pleased to support this new research withWTTC to ensure that travel stays vibrant and vital for many years tocome.
When American Express helped to establish WTTC more than 20years ago, we started with a firm belief in the value of travel and ahope to spread that message across the world. Were proud thatWTTC has been a driving force in increasing awareness of thepositive impact of travel and tourism ever since. This new analysisgives our industry an important tool at our fingertips to benchmark therole that travel and tourism plays in the global marketplace. In a yearwhen Travel & Tourism is projected to directly contribute $2 trillion and100 million jobs to the world economy, this research from AmericanExpress and WTTC is an important addition to the conversation.
William GlennPresident , GlobalCorporate Payments andBusiness Travel
Amer ican Express
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4World Travel & Tourism Council
Outline
Introduction ................ 5
Key findings. 10
Trade Summary.. 21
Linkages summary..... 24
Data sources and methodology... 30
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5World Travel & Tourism Council
Introduction
The World Travel & Tourism Council (WTTC) has spearheaded global analysis of theeconomic importance of the sector for over 20 years. This research has establishedthe contribution of Travel & Tourism on an ongoing basis to over 180 countries inabsolute size, share of the economy, and growth.
Around the world, WTTC research is referenced as the authoritative source of therole of Tourism in generating GDP, income, and employment.
WTTC is now releasing new research on the role that Travel & Tourism plays in theworld economy in comparison to other economic sectors.
The results of these comparisons provide new perspectives on the relativesignificance of Travel & Tourism as well as some of its unique advantages in drivingcurrent and future global economic growth.
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6World Travel & Tourism Council
Introduction: Summary of Research Structure
This new WTTC research benchmarks Travel & Tourism against an assortment of othersectors for twenty countries and for each world region.
Regions
World
Americas
Europe
Asia Pacific Middle East
Africa
J amaica
J apan
Republic of Korea
Mexico
Russia
South Africa
Turkey
UAE
United Kingdom
USA
Countries
Australia
Argentina
Brazil
Canada China
France
Germany
India
Indonesia
Italy
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8World Travel & Tourism Council
Introduction: Sectors referenced
The following sectors have been analysed in comparison to Travel & Tourism. They were selected as having a similar breadth and global presence as Travel
& Tourism. Mining : includes the extraction of oil, natural gas, coal, metals, and related
services
Education : includes all levels of educational services
Chemicals manufacturing : includes drugs & medicines, plastics, rubber, paint,
polishes, ink, perfumes, cosmetics, soap, cleaning materials, fertilizer, pesticides,other chemicals
Automo tive manufacturing : includes motor vehicles and parts & accessories
Communications : includes post (national and private) and telecommunications
Financial services : includes banking, investment services, insurance
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ACCOMMODATION
Introduction: Levels of industry impacts
Direct: this includes only thoseemployees and the related value addedfor the relevant sector. In the case of
Travel & Tourism, we only count thevalue added of the accommodation,recreation, transportation, and otherrelated sectors.
Indirect: this measures the supply chainimpact (also called inter-industrylinkages) for each sector.
Induced: this measures the impacts of incomes earned directly and indirectlyas they are spent in the local economy.
The sum of direct, indirect, and inducedimpacts equals the total economicimpact of a sector.
The analysis examines the economic value of industries on three levels.
World Travel & Tourism Council
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10World Travel & Tourism Council
Key findings
How does Travel & Tourism compare to other sectors?
Sponsored by:
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Key findings: Global Direct GDP ($)
-500
1,0001,500
2,0002,5003,0003,5004,0004,5005,000
A u t o m o t
i v e
m
a n u f a c
t u r i n g
M
a n u f a c
t u r i n g
o f c h e m
i c a l s
T r a v e
l &
T o u r i s m
E d u c a
t i o n
C o m m u n
i c a t
i o n
s e r v
i c e s M
i n i n g
F i n a n c i a l
s e r v
i c e s
Global Direct GDP by Industry in 2011$US billion (2011 prices)
At $2 trillion in 2011, Travel & Tourism direct industry GDP islarger than the automotiveand chemicals manufacturingsectors.
Travel & Tourism directlygenerates more than doublethe GDP of automotive
manufacturing and is one-thirdlarger than the globalchemicals industry.
Travel & Tourism is three-quarters the size of the globaleducation, communications,
and mining sectors.
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12World Travel & Tourism Council
Key findings: Global Total GDP Contribution ($)
0
2,0004,000
6,000
8,000
10,000
12,000
14,000
A u t o m o t
i v e
m a n u f a c
t u r i n g
M i n i n g
M a n u f a c
t u r i n g
o f c h e m
i c a l s
T r a v e
l &
T o u r i s m
E d u c a
t i o n
C o m
m u n
i c a t
i o n
s e r v
i c e s
F i n a n c
i a l
s e r v
i c e s
Indirect +Induced
Direct
Global GDP Impact by Industry in 2011$US billion (2011 prices)
At $6.3 trillion in 2011, theGDP impact of Travel &
Tourism is larger than that of some of the largestmanufacturing sectorsnamely automotive andchemicals manufacturing.
Travel & Tourisms total
economic impact exceeds thatof the mining sector andnearly equals that of theglobal education sector.
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Key findings: Regional Direct GDP
Travel & Tourism directlycontributes more to GDPthan automotivemanufacturing in everyregion of the world.
In the Americas, Travel & Tourism GDP is 3 timeslarger than automanufacturing.
In Europe, Travel & TourismGDP is twice the size of automanufacturing.
Travel & Tourism GDP islarger than the chemicalsindustry in every worldregion except Asia, where itis only 9% lower.
-
200
400
600800
1,000
1,200
1,400
1,600
1,800
A m e r
i c a s
E u r o p e
A s i a
P
a c i f i c
M
i d d l e
E a s
t
A f r i c a
Travel & TourismAutomotive manufacturingManufacturing of chemicalsCommunication servicesFinancial servicesMiningEducation
World Direct GDP for All Sectors
$US billion (2011 prices)
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15World Travel & Tourism Council
Key findings: Global Direct Employment
In terms of employment, theimportance of Travel & Tourism iseven more pronounced.
With 98 million people directlyemployed in 2011, Travel &
Tourism directly employs:
6 times more thanautomotive manufacturing
5 times more than the globalchemicals industry
4 times more than the globalmining industry
2 times more than the global
communications industry
A third more than the globalfinancial services industry
-
20
40
60
80
100
120
140
160
A u t o m o t
i v e
m a n u
f a c t u r
i n g
M a n u
f a c t u r
i n g
o f c h e m
i c a l s
M i n i n g
C o m m u n
i c a t
i o n
s e r v i c e s
F i n a n c i a l
s e r v
i c e s
T r a v e
l &
T o u r i s m
E d u c a
t i o n
Global Direct Employment by Industry
2011, millions
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16World Travel & Tourism Council
Key findings: Global Total Employment
With a total impact of 8.7% of worldemployment, Travel & Tourism is oneof the leading job creators in theworld.
0%
2%
4%
6%
8%
10%
12%
A u t o m o t
i v e
m a n u f a c
t u r i n g
M i n i n g
M a n u f a c
t u r i n g
o f c h e m
i c a l s
T r a v e
l &
T o u r i s m
E d u c a
t i o n
C o m m u n
i c a t
i o n
s e r v
i c e s
F i n a n c i a l
s e r v
i c e s
Indirect +InducedDirect
Global Emplo yment by IndustryShare of global employment
0
50
100
150
200
250300
350
A u t o m o t
i v e
m a n u f a c
t u r i n g
M i n i n g
M a n u f a c
t u r i n g
o f c h e m
i c a l s
T r a v e l
&
T o u r
i s m
E d u c a
t i o n
C o m m u n
i c a t
i o n
s e r v
i c e s
F i n a n c
i a l
s e r v
i c e s
Indirect +InducedDirect
Global Employment by Industry2011, millions
Travel & Tourism sustained 255 million jobs in 2011. This exceeds to the jobsimpact of auto manufacturing, chemicalsmanufacturing, and mining. It is nearly onpar with education.
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17World Travel & Tourism Council
Key findings: Regional Manufacturing Employment
Travel & Tourism directly sustainsmore jobs than the automotiveand chemicals manufacturingindustries combined across everyregion of the world.
Travel & Tourism employment inEurope - reaching 10 million in2011 - exceeds automanufacturing by a factor of 3.
In Asia, there are 7 times asmany Travel & Tourism jobs asauto manufacturing jobs and 5times as many chemicalsmanufacturing jobs.
-
5,000
10,000
15,000
20,000
25,000
30,000
35,000
40,000
A m e r
i c a s
E u r o p e
A s i a
P a c
i f i c
M i d d l e
E a s
t
A f r i c a
Travel & Tourism
Automotivemanufacturing
Manufacturing of chemicals
Direct Employment in 2011'000s
63 mn
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18World Travel & Tourism Council
Key findings: Regional Employment in other sectors
In every region of the world, Travel & Tourism directly
sustains more jobs than thefinancial services,communications, and miningindustries.
-
10,000
20,000
30,000
40,000
50,000
60,000
70,000
A m e r
i c a s
E u r o p e
A s i a
P a c
i f i c
M i d d l e
E a s
t
A f r i c a
Travel & Tourism
Financial services
Communications
Mining
Direct Employment in 2011'000s
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19World Travel & Tourism Council
World GDP Growth
The Oxford Economics globalindustry model projects
Travel & Tourism directindustry GDP to grow 4.2%per annum (compoundannual growth) over the nextdecade.
This is greater growth than
forecast for the automotive,education, and miningsectors as well as the totalglobal economy, whichOxford Economics expects togrow 3.6% per annumthrough 2022.
0%
1%
2%
3%
4%
5%
6%
M i n i n g
E d u c a
t i o n
T o t a l e c o n o m y
A u t o m o t
i v e
m a n u f a c
t u r i n g
T r a v e
l &
T o u r i s m
F i n a n c i a l
s e r v
i c e s
C o m m u n
i c a t
i o n
s e r v
i c e s
C o n s t r u c t
i o n
M a n u f a c
t u r i n g
o f c h e m
i c a l s
World GDP Forecast by Indus tryCAGR 2012-2022
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20World Travel & Tourism Council
World Employment Growth
The Oxford Economics globalindustry model projects
Travel & Tourism directindustry employment to grow1.9% per annum (compoundannual growth) over the nextdecade.
This is greater growth than
forecast for mining sector aswell as the total globaleconomy, which Oxfordexpects to grow 1.2% perannum through 2022.
-3%
-2%
-1%
0%
1%
2%
3%
4%
M i n i n g
T o t a l e c o n o m y
T r a v e
l &
T o u r i s m
E d u c a
t i o n
M a n u f a c
t u r i n g
o f c h e m
i c a l s
C o m m u n
i c a t
i o n
s e r v
i c e s
A u t o m o t
i v e
m a n u f a c
t u r i n g
C o n s t r u c t
i o n
F i n a n c i a l
s e r v
i c e s
World Employment Forecast by Indus tryCAGR 2012-2022
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Trade Summary
How does Travel & Tourism compare to other sectors?
Sponsored by:
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22World Travel & Tourism Council
Trade summary: Total Exports
Foreign visitor exportsrepresent a substantialshare of exports around the
world, forming an essentialcomponent of global trade.
Tourism generated 10% of all UAE exports (includingoil) and 15% of Turkeysexports in 2011.
In industrialised economiessuch as the UK, Australia,Italy, US, and France,
Tourism still generated morethan 5% of total exports lastyear.
0% 5% 10% 15% 20%
J amaica Turkey
UAES AfricaFrance
USArgentina
ItalyAustralia
UK Indonesia
IndiaMexico
CanadaRussia
S KoreaGermany
BrazilChina
J apan
Travel & Tourism share of to tal exports (2011)
49% -->
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Trade summary: Service Exports
Visitor receipts represent asubstantial share of nationalservice exports around the
world, generating foreignexchange and financialstability especially foremerging economies.
For example, more than half of all service exports are
generated by Travel & Tourism in the UAE, J amaica, Turkey, SouthAfrica, Mexico, and France.
Between 25% and 50% of service exports aregenerated by Travel &
Tourism in the US, China,Russia, Australia, Italy,Argentina, and Indonesia.
0% 20% 40% 60% 80% 100%
UAE J amaica
TurkeySouth
MexicoFrance
IndonesiaArgentina
ItalyAustralia
RussiaChina
USSouth
CanadaGermany
BrazilUK
India J apan
Travel & Tourism share of service exports (2011)
Average =26%
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Li k T l & T i O f h E
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Linkages: Travel & Tourism Outperforms the Economy
By analysing input-output data acrossall 20 countries, we have identifiedthe linkages between Travel &
Tourism and the rest of the economy.
This identifies the ways in which therest of the economy benefits from theinjection of Tourism dollars.
The adjacent chart compares theGDP multiplier for Tourism and theaverage of the entire economy. Amultiplier of 2 implies that for everynew dollar a total of 2 dollars isgenerated including indirect andinduced impacts.
In 18 out of the 20 economiesanalysed, a new dollar in Travel &
Tourism generates more totaleconomic output than the averagenew dollar in the economy.
0.0
0.5
1.0
1.5
2.0
2.5
3.0
3.5
4.0
4.5
0.0 0.5 1.0 1.5 2.0 2.5 3.0 3.5 4.0
Comparing T&T and total economy multipliers Travel & Tourism
Total Economy
T & T o u
t p e r
f o r m s
t h e
e c o n o m y a v e r a g e
T&T underperforms against theeconomy average
Global average GDP multipli ers
Travel & Tourism: 3.2
Total economy: 2.7
Li k g T l & T i O t f th E
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Linkages: Travel & Tourism Outperforms the Economy
Travel & Tourism also outperforms themajority of the key sectors weanalysed in terms of generating GDP
across the entire economy.
The industry multiplier measures theimpact across the entire economy asa share of the direct industry impactalone. At 3.2, Travel & Tourismsbroader impact per unit of direct GDP
exceeds that of communications,financial services, education,agriculture, and mining.
Only chemicals and automanufacturing have higher multipliersacross the 20 countries analysed.
0.0
1.0
2.0
3.0
4.0
5.0
6.0
M i n i n g
A g r
i c u l
t u r e
E d u c a
t i o n
T o t a l e c o n o m y
F i n a n c i a l
s e r v
i c e s
C o m m u n
i c a t
i o n
s e r v
i c e s
T r a v e
l &
T o u r i s m
M
a n u f a c
t u r e o f
c h e m
i c a l s
A u t o m o t
i v e
m a n u f a c
t u r i n g
World Average GDP Multipliers Total GDP / Direct GDP
Linkages: Key findings
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Linkages: Key findings
In terms of employment generation, wefound Travel & Tourism to also be potent.
The adjacent table illustrates the strengthof a dollar of spending in Travel & Tourism versus a dollar of spending inthe average of the national economy.
As shown earlier, in 18 out of the 20economies, a new dollar in Travel &
Tourism generates more total economicoutput than the average across all othersectors.
In terms of job creation, a dollar of spending in Travel & Tourism is morepowerful than the average of theeconomy in 17 out of 20 countries. Theonly countries where this is not the caseare ones in which agriculture remains asignificant employer (China, India,Indonesia).
Output J obsArgentina 1.1315942 1.0867687Australia 1.3685288 1.5809815Brazil 1.0388657 1.0006292Canada 1.712968 1.5050483China 1.0829755 0.8902444France 0.9280567 1.1316037Germany 1.1464106 1.3758862India 1.5561394 0.6787127Indonesia 1.4448595 0.9398877Italy 1.0692845 1.5290552
J amaica 1.5412745 1.1752168 J apan 1.1475533 1.4511417Korea 1.0928706 1.2838761Mexico 1.1962775 1.5728657Russia 2.0457252 1.4023303South Africa 1.1191491 1.3325836
Turkey 1.2260842 1.0258898UAE 1.3516755 1.0042186UK 1.0644809 1.2229058USA 0.9589748 1.053587
Cross-country 1.0661999 1.3319932
Legend:Greater than economy average 1.06Within 10% below economy average 1More than 10% below economy average 0.91
Performance against econo my
Linkages: Job creation
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Linkages: Job creation
To illustrate this point further, wecompared Travel & Tourism tosix other sectors of the economy
to determine the total job impactper $1 million in spending.
This analysis calculates not onlydirect industry jobs, but alsothose generated through thesupply chain and incomes.
Travel & Tourism is one of thetop two job creators with anaverage of 50 jobs generatedper $1 million in spending acrossthe 20 countries we analysed.
$1 million in Travel & Tourismgenerates twice as many jobs as$1 million financial services,communications, and automanufacturing.
0
1020
30
40
50
60
70
M i n i n g
C h e m
i c a l s
A u t o m o b
i l e
M a n u f a c
t u r e
C o m m u n
i c a t
i o n s
F i n a n c a l
S e r v i c e s
E d u c a
t i o n
T r a v e l
&
T o u r
i s m
W h o l e E c o n o m y
Employment impact of $1m spendingobs
Linkages: Households and the local economy
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Linkages: Households and the local economy
Industries can also be evaluated on thebasis of how spending flows tohouseholds and to other parts of theeconomy.
The best sectors for economicdevelopment tend to be those thatgenerate the most household income andretain the maximum share of expenditurewithin the local economy after accountingfor imports.
For every $1 million in Travel & Tourismspending, $701,000 in income isgenerated. This exceeds the incomeproportions for auto, communications,chemicals, and mining.
In terms of money retained in the localeconomy, 91% of each dollar spent
remains, while just 9% is leaked out asimports. This is better than the mining,chemicals, and auto manufacturingsectors.
200
400
600
800
1,000
1,200
75% 80% 85% 90% 95% 100%
Retained expenditure and income generationIncome ($000) from
$1m spend
Share of expenditure retained
Education
Financial Svcs
Travel &
Tourism Communications
Agriculture
Mining
Auto Mauf
Chemicals
H o u s e
h o l d g a
i n s
Local economy gains
(Average of 20 Countries Analysed)
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Data Sources & Methodology
Sponsored by:
Data sources and methodology: GDP and Employment
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Data sources and methodology: GDP and Employment
Main data sources for comparative sectors:
United Nations International Labour Organization
OECD STAN STructural ANalysis Database
Oxford Economics Global Industry Model
CEIC Data Manager
Statistical Institute of J amaica
UAE National Accounts
Travel & Tourism GDP and employment figures are drawn from Oxford Economicsanalysis for WTTC using the Tourism Satellite Account framework.
Data sources and methodology: Exports
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Data sources and methodology: Exports
Main data sources:
OECD STAN
World Trade Organization (WTO)
UN COMTRADE
IMFBOPA
Oxford Economics.
Total exports, total service exports and total goods/merchandise exports are sourcedoriginally to national accounts and central bank balance of payments data.
Merchandise exports taken from OECD STAN where possible, and fromUNCOMTRADE and WTO for J amaica and UAE.
Service exports taken from IMFBOPA database for all countries where possible.
2000 figures taken from above, 2011 estimated using 2010 shares of total andapplied to totals for 2011.
Data sources and methodology: Linkages
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gy g
Main data sources: OECD, National Statistical Offices, Oxford Economics
Input-output tables for all countries were sourced from either the OECD or, when not available,National Statistical Offices. From the input-output tables, multiplier matrices were developed foreach economy, detailing the flow of spending in an economy that occurs as a consequence of spending in a given industry.
For each of the comparator sectors, a spending shock of $1 million was simulated, with theresulting spending impacts in every industry in the economy recorded.
These spending outcomes were translated into gross value added (GVA) using the GVA/outputratios available in the input-output tables, and employment, using productivity level data
developed from the GDP and employment figures derived elsewhere in the study.
Travel & Tourism multipliers are drawn from Oxford Economics / WTTC ongoing Tourism SatelliteAccount analysis.
Global and regional multipliers were calculated as the weighted average of all relevant nations,with weightings assigned according to sector GDP.
About WTTC and Oxford Economics
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The World Travel & Tourism Council (WTTC)is the forum for business leaders in the
Travel & Tourism industry. With Chief Executives of some one hundred of theworld's leading Travel & Tourism companiesas its Members, WTTC has a uniquemandate and overview on all matters relatedto Travel & Tourism.
WTTC works to raise awareness of Travel & Tourism as one of the world's largestindustries, supporting 255 million jobs andgenerating 9 per cent of world GDP.
WTTC advocates partnership between thepublic and private sectors, delivering resultsthat match the needs of economies, localand regional authorities and localcommunities with those of business.
Oxford Economics is one of the worldsleading providers of economic analysis,forecasts and consulting advice. Founded in1981 as a joint venture with OxfordUniversitys business college, OxfordEconomics enjoys a reputation for highquality, quantitative analysis and evidence-based advice.
For this, its draws on its own staff of over 70highly-experienced professional economists;a dedicated data analysis team; globalmodeling tools, and a range of partnerinstitutions in Europe, the US and in the
United Nations Project Link. OxfordEconomics has offices in New York,Philadelphia, San Francisco, Chicago,London, Oxford, Belfast, Dubai, andSingapore.
About American Express
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35World Travel & Tourism Council
p
American Express is a global services company, providing customers withaccess to products, insights and experiences that enrich lives and buildbusiness success.
American Express Global Business Travel is a global industry leader inbusiness travel and meetings management committed to helping businessessucceed through cost-effective program management, world-class customerservice, and enhanced traveler productivity support worldwide. Throughleading online, offline and on-the-go solutions, consulting services, business
insights and research, supplier negotiation expertise, and meetings andevents capabilities, innovative services are delivered to clients to maximizethe return on their travel and meetings investments.
American Express Corporate Payment Solutions provides the CorporateCard, Corporate Purchasing Solutions, and other expense managementservices to mid-size companies and large corporations worldwide. In the
U.S., American Express is a leading issuer of commercial cards, servingmore than 70% of the Fortune 500, as well as tens of thousands of mid-sizecompanies.