Why in News?
- On 24th May 2022, World Economic Forum (WEF) released its report titled “Travel & Tourism Development Index 2021: Rebuilding for a Sustainable and Resilient Future”.
- In this report, it accorded India 54th position globally.
- India is the top performer in South Asia.
- Report is part of WEF’s biennial travel and tourism study.
What is report about?
- This current index is a direct evolution of the 15 years old Travel & Tourism Competitiveness Index.
- It covered 117 countries.
- The new Travel & Tourism Development Index benchmarks and measure “the set of factors and policies that enable the sustainable and resilient development of the Travel and Tourism (T&T) sector, which in turn contributes to the development of a country”.
- It reflects the role of Travel and Tourism in broader economic and social development.
- Unlike the earlier index which measured competitiveness as a means of developing the T&T sector of countries , this index does not measure the level of T&T development that an economy possesses, but the potential drivers of such development.
The Travel & Tourism Development Index framework
- The index is comprised of five sub indexes , 17 pillars and 112 individual indicators.
Five Sub-indexes and Pillars are
- Usability of Index
- This revised index serves as a strategic benchmarking tool for:
- Companies and complementary sectors,
- To advance the future development of the Travel and Tourism (T&T) sector.
- It serves as a platform for multistakeholder dialogue
- To understand and anticipate emerging trends and risks in global T&T,
- To direct policies, practices and investment decisions, and
- To accelerate new models that ensure the longevity of this important sector.
- The 2021 edition of the index highlights the vital need to invest in T&T, the impact of COVID-19 and how sector stakeholders can draw on T&T development strategies to build back better. In particular, amid the current challenges, shifting demand dynamics and future opportunities and risks, a more inclusive, sustainable and resilient sector must be created.