Sri Lanka ranked as the fourth fastest growing tourism market in the world between 2017 and 2021 by GlobalData
GlobalData has reportedly ranked Sri Lanka as the fourth fastest growing tourism market in the world following Iceland, Japan, Hungary, Sri Lanka during the period between 2017 and 2021.
Chile has been ranked in the fifth position after Sri Lanka..
According to reports, GlobalData’s ‘Tourism Potential Index’ provides a ranking of 60 major developed and emerging markets around the world to assess potential growth opportunities in the tourism sector.
A local media report states that the list is compiled using a ranking based on forecast average annual growth in international arrivals, and the forecasts are based on factors such as capital investment, GDP and disposable income in main source markets.
Sri Lanka, which came fourth on the list, has reportedly obtained a score of 52.8 while achieving a Compound Annual Growth Rate (CAGR) of 8.7%. The score of Iceland, which topped the list, stands at 39.1 with a CAGR of 11.7%, reports state.
Reports further state that GlobalData has also assigned star ratings to each of the 60 nations surveyed, ranking them in terms of tourism potential from very low to very high. The star rating is based on four elements of potential: significance (20%), competitiveness (20%), attractiveness (35%), and convenience (25%), to give an overall percentage score out of 100.
No country achieved a five-star rating this year and Sri Lanka is the only four-star rated country in the top 10.
GlobalData has been quoted as saying that Sri Lanka is “expected to experience fast growth in the future”. It also said Sri Lanka is “investment-friendly and has improved its road and air infrastructure significantly”.
OSL take:
Sri Lanka’s tourism sector has been on a constant growth path and that latest announcement by GlobalData further reaffirms the continuous growth momentum in the sector. The forecast that Sri Lanka would be one of the fast growing tourism markets in the world for the next three years would make the country a hot spot for tourism related investments. While Sri Lanka is already engaged in tourism development programmes, interested foreign businesses could explore opportunities in the sector to invest in.
| Article Code : | VBS/AT/20180731/Z_4 |