Endnotes 1. The TTDI 2024 report includes 17 pillars such as Enabling Environment (Business Environment, Safety and Security, Health and Hygiene, Human Resources and Labour Market, ICT Readiness), T&T Policy and Enabling Conditions (Prioritization of T&T, Openness to T&T, Price Competitiveness), Infrastructure and Services (Air Transport Infrastructure, Ground and Port Infrastructure, Tourist Services and Infrastructure), T&T Resources (Natural Resources, Cultural Resources, Non-Leisure Resources) and T&T Sustainability (Environmental Sustainability, T&T Socioeconomic Impact, T&T Demand Sustainability). 2. Global megatrends in a travel and tourism context include climate-related disruptions, geopolitical disruptions, demographics shifts and technology disruptions. 3. Anadolu Agency (AA). (2024, March 4). Gaza war plunges Israel’s tourism industry into crisis. https://www.aa.com.tr/en/ middle-east/gaza-war-plunges-israel-s-tourism-industry-into-crisis/3154918 4. Visit Ukraine. (2023). Tourism in Ukraine continues to suffer losses: How much money did the industry bring to the budget in 2023. https://visitukraine.today/blog/1789/tourism-in-ukraine-continues-to-suffer-losses-how-much-money-did-the- industry-bring-to-the-budget-in-2023 5. Association of Southeast Asian Nations (ASEAN). (2021, January). Tourism strategic plan 2019–2025. https://asean.org/ wp-content/uploads/2022/05/Updated_ATSP_2016-2025.pdf 6. World Travel & Tourism Council (WTTC). (2023). Economic impact reports. https://researchhub.wttc.org/category/ economic-impact?6f686222_page=2 7. Al-Riffai, P . (2024, October 22). The economic and social costs of the war in Gaza. Atlantic Council. https://www.atlanticcouncil.org/in-depth-research-reports/report/the-economic-and-social-costs-of-the-war-in-gaza/; UNN State Agency. (2024, May 4). Despite the war, demand in the tourism industry is growing in western Ukraine. https://unn.ua/en/news/despite-the-war-demand-in-the-tourism-industry-is-growing-in-western-ukraine 8. World Travel & Tourism Council (WTTC). (2024). Travel & Tourism economic impact research. https://wttc.org/research/ economic-impact 9. International Monetary fund (IMF). (2023, November 11). Maldives: 2022 Article IV Consultation-Press Release; Staff Report; and Statement by the Executive Director for Maldives. https://www.elibrary.imf.org/view/journals/002/2023/366/ article-A001-en.xml 10. Liuima, J. (2023, February 17). Global inflation tracker Q1 2023: Pressures abate but emerging markets remain under pressure. Euromonitor International. https://www.euromonitor.com/article/global-inflation-tracker-q1-2023-inflationary- pressures-abate-but-emerging-markets-remain-under-pressure 11. Statista. (2025). Closing price of Brent, OPEC basket and WTI crude oil on a weekly basis from January 2020 to April 2025. https://www.statista.com/statistics/326017/weekly-crude-oil-prices/ 12. Buchholz, K. (2020, July 3). The rise of the Asian middle class. Statista. https://www.statista.com/chart/8402/asian- middle-class-on-the-rise/ 13. World Economic Forum. (2024, May). Travel & Tourism Development Index 2024. https://www.weforum.org/publications/ travel-tourism-development-index-2024/ 14. International Monetary Fund (IMF). (2024, May 13). Maldives: Staff Report for the 2024 Article IV Consultation – debt sustainability analysis. https://www.elibrary.imf.org/view/journals/002/2024/106/article-A003-en.xml 15. European Employment Services (EURES). (2024). European Hospitality and Tourism Skills Passport. https://europeanjobdays.eu/en/company/european-hospitality-and-tourism-skills-passport 16. The Travel Foundation. (2023, January). Envisioning Tourism in 2030 and beyond: The changing shape of tourism in a decarbonising world. https://s3-eu-west-1.amazonaws.com/travelfoundation/wp-content/uploads/2023/02/28113213/ EnvisionTourism_Full_FINAL.pdf 17. The Jakarta Post. (2025, January 30). Local businesses demand removal of Borobudur’s visitor limit. https://www. thejakartapost.com/indonesia/2025/01/30/local-businesses-demand-removal-of-borobudurs-visitor-limit.html 18. Organisation for Economic Co-operation and Development (OECD). (2025, March 17). What to expect from the EU Carbon Border Adjustment Mechanism? https://www.oecd.org/en/publications/what-to-expect-from-the-eu-carbon- border-adjustment-mechanism_719d2ff9-en.html 19. Collective insurance arrangements where multiple entities (countries, companies, organizations) join together to share and manage the risk of specific catastrophic events using index-based insurance contracts. 20. Transport & Environment. (2023, June). The return of the cruise: How luxury cruises are polluting Europe’s cities. https://www.transportenvironment.org/uploads/files/2023-Cruise-ship-study.pdf 21. Blended travel is a form of travel that combines business and leisure activities, typically when a business traveller extends a work trip to include personal vacation time or leisure pursuits; American Express Global Business Travel (AMEX GBT). (2024, July 16). American Express uncovers latest business travel trends and five trending destinations in the US. https://www. americanexpress.com/en-us/newsroom/articles/amex-for-business/amex-trendex--business-travel-edition-2024.html Four Scenarios for the Future of Travel and Tourism 20

Four Scenarios for the Future of Travel and Tourism 2025