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London - The world's tourism industry can withstand the financial crisis thanks to its diversity, the chair of the World Travel Market said on Monday at the opening of the giant four-day trade fair in London.
As some sectors of the industry wither, others with entrepreneurial ideas will prosper, said Fiona Jeffery in a speech as she opened the WTM, a four-day travel industry gathering in east London.
More than 100 tourism ministers from around the world are expected to attend the annual exhibition - which attracted more than 48 000 people and over 5 400 exhibitors last year - as they seek to bolster the key industry during the global credit crunch.
"The global industry is robust, diversified, innovative, entrepreneurial, and, in most cases, financially sound," Jeffery said.
"But we cannot simply ignore the crumbling collapses that have scarred international financial markets in recent weeks.
"We have to face the fact that in some parts of the world in 2009 - certainly here in western Europe - fewer package holidays will be sold, and those that are will undoubtedly increase in price."
The WTM's 2008 overview of global trends in the tourism and travel industry said the financial crisis has "dramatically altered" the outlook for the industry due to liquidity drying up, commodity prices rising, inflation increases and consumer demand falls.
"Uncertainty hangs over the industry," it said.
- AFP