The World Travel and Tourism Council (WTTC) says by the end of this year total industry spending will be 7.4 per cent lower than in 2000, but forecasts record growth for 2003.

WTTC's research says the downturn in business following September 11 will result in a total worldwide loss to employment of over 10 million jobs, but is confident the trend is finite and a reverse will begin in the second half of 2002.

'Our research results show a very clear picture of last year's impact on the industry and how that will continue in the months ahead,' said Jean-Claude Baumgarten, WTTC president. 'But the industry has reacted positively and swiftly through cutting costs, creative advertising, innovative promotions and seeking new market opportunities.'

According to Baumgarten, a massive worldwide rebound will occur in 2003 with global travel and tourism demand forecast to increase in real terms by six per cent. 'During this process we will see the creation of 6.8 million jobs, replacing most of the business and jobs lost in the extended wake of September 11, ' he says.

WTTC forecasts that United States and Germany will be the two countries most affected by September 11, suffering decreases in travel and tourism demand of US$92.3bn and US$24.7bn respectively for years 2001 and 2002 combined.

Traditional markets such as France, USA and UK continue to take a back-seat to emerging growth markets according to WTTC.

Turkey is projected to be the top growth country in the world over the next ten years, achieving 10.2 per cent annualised growth in the next ten years, followed by India and China, with 9.7 per cent and 8.5 per cent respectively.