Although the recession will cause the world's travel and tourism economy GDP to decline by 5.5 percent in 2009, the industry will continue to produce long-term growth of 4 percent per annum over the coming decade, according to new projections from the London-based World Travel & Tourism Council."In the aftermath of the financial crisis that started last summer, the global economy contracted at its steepest rate in post-war history," said Adrian Cooper, managing director of Oxford Economics, WTTC's research partner. "However, recent indicators suggest that the global economy has passed its trough and some forecasts for 2010 are now being upwardly revised."Key recovery drivers, according to Cooper, are unprecedented monetary and fiscal stimuli, reviving credit markets and recovering asset prices."But there are good reasons for caution," he continued, "and a second dip into recession early in 2010—what we call the double-dip scenario—cannot yet be ruled out."Travel and tourism economy GDP growth slowed to 1 percent in 2008 and deteriorated further in 2009, according to WTTC, which reported a 6 percent year-over-year decline in both international air passenger traffic and global overnight visitor arrivals."Travel and tourism clearly continues to face challenging times," said WTTC President and CEO Jean-Claude Baumgarten. "If the challenging times facing travel and tourism are ignored by governments then its role in employment creation and poverty reduction could be seriously undermined."