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Post at: Jul 20 2022

Travel and Tourism Competitiveness Index 2021

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:
    • Policy-makers, 
    • 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.
  • Rankings

Conclusion

  • 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.


 

 


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