There is no question that tourism will eventually recover – the pent-up demand is definitely there. But how long will that recovery take? Can the tourism sector reinvent itself and address the issues that made it unsustainable before the pandemic?
The fall in tourism is having very tangible economic and social consequences. Before the pandemic, the sector directly contributed 4.4 percent of GDP, 6.9 percent of employment, and 21.5 percent of service exports in OECD countries, on average
HOW TOUGH WAS 2020, EXACTLY?
According to the International Civil Aviation Organization, global air traffic dropped from 4.5 billion in 2019 to 1.8 billion in 2020. The financial loss to the industry was US$370 billion. Additionally, airports and air navigation service providers reported a loss of US$115 billion and US$13 billion, respectively.
In Malaysia, the hotel industry alone is expected to lose as much as RM6.54 billion in revenue this year. Overall average occupancy rate (AOR) this year is estimated to be 27.51 percent, while the average daily rate (ADR) is projected to be RM196.69. Since March, 109 hotels, resorts, motels, home stays and chalets have shut for good. And as at May, job losses were at 12,000, or 6 percent of the industry’s workforce.
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THAILAND'S ECONOMY FACES AN UPHILL BATTLE
Before the pandemic, Thailand was considered one of ASEAN’s success stories. It was the No. 2 economy in Southeast Asia; had a strong manufacturing sector; and was a favourite among foreign investors.
UNETHICAL SELF-PROMOTERS WALK AMONGST US
Back in 1988, I was introduced to a body of research that focused specifically on the concept of self-promotion, prospecting, and new business development. This body of research was an illuminating, eye-opening, life-changing experience for me in many ways – it was a key catalyst that helped kick-start the work I do today.
IS YOUR BOSS A CHIEF CRITIC OFFICER?
LEADERSHIP EXCELLENCE WITH MARSHALL GOLDSMITH
KNOW THE PEOPLE ISSUES THAT SABOTAGE YOUR M&A DEALS
To survive in an economy so impacted by the pandemic, many business leaders and investors are turning to deals to adapt and survive.
SQUEEZING THE LAST DROP OF PRODUCTIVITY
In business circles, ‘productivity’ is a magic word. It triggers reactions from business owners and government alike, both of which seek to increase it. Increased productivity leads to greater output, decreased cost, and a more efficient operation all around.
A VENTURE FOR LARGE COMPANIES TO MOVE LIKE STARTUPS
A S$10 million pilot programme to support Singaporean companies has been launched by Singapore’s Economic Development Board (EDB). The programme is designed to build ventures in new growth areas beyond their existing core businesses.
IN THE US, EMPLOYEES ARE QUITTING INSTEAD OF GIVING UP WORKING FROM HOME
In America, the pandemic is receding. But in response, the push by some employers to get people back into offices is clashing with workers who’ve embraced remote work as the new normal.
FUELLING THE GROWTH OF HIGH-TECH MANUFACTURING
Industry 4.0 is coming, and it will mean huge changes to the manufacturing process. Already we are seeing factories adopting processes enabled by advanced computing and AI.
GROWING A SUSTAINABLE, PLANT-BASED MEAT BUSINESS
Plant-based meats are now the latest trend in global cuisine. Fuelled by concerns over animal welfare and the environmental impact of livestock farming, consumers and restauranteurs are looking to assuage this demand with alt-meat.
A RAMPAGING PANDEMIC
WITH COVID-19 ON THE RISE AGAIN, WHAT ARE GOVERNMENTS DOING TO HELP SMEs?
Back to Business
Montréal has what it takes for cutting-edge corporate events.
Beaches, Nightclubs? Europe Mulls How To Get Tourists Back
The Mediterranean resort town of Ayia Napa is known for its boisterous parties. Each summer, thousands of young foreign tourists pack the dance floors of its nightlife district after a day at the beach.
Harry Goes Wild In London!
Back in Britain for one of hislast Official engagements, Prince Harry made time to party hard with his old pals.
Pearl Of The Pacific
Natural beauty and adventure beckon in the remote Cook Islands.
China Virus Outbreak Rams Global Tourism, Costing Billions
Business around the world that have grown increasingly reliant on big-spending tourists from China are taking a heavy hit, with tens of millions of Chinese residents restricted from leaving their country as the coronavirus spreads.
Airbnb To Verify All 7 Million Properties To Improve Trust
Airbnb says it will spend the next year verifying that all 7 million of its listings are accurate and that the homes and rooms being offered for short-term stays meet basic quality standards.
Sharks Are Filling Cape Cod Waters, Businesses Love It
Almost half a century after Jaws, shark tourism is growing on Cape Cod
South Korea's Capital Is Positively Magnetic
South Korea’s capital is positively magnetic for global tourism, business travel and MICE
Top 5 Australian Cities Growing In Tourism and Air Connections
Australia's major cities are ramping up their business and leisure offerings in tandem with a boom in tourism and air connections
Peak Performance in Taiwan
Taiwan is a country with stunning nature, 21st century transport options and wonderful food.