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?
BEATDOWN
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?
AVIATION
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.
HOTELS
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.
RESTAURANTS
Denne historien er fra Issue 14, 2021-utgaven av SME Magazine Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent ? Logg på
Denne historien er fra Issue 14, 2021-utgaven av SME Magazine Singapore.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
Allerede abonnent? Logg på
Cloud- Driven Recovery
With digital transformation being an important catalyst for Malaysia’s inclusive economic recovery, cloud computing plays an important role that enables . the country to acquire the advantages that technology offers.
Live Werkz: Venturing Beyond Southeast Asia
Being forward-looking in its approach has enabled LiveWerkz Pte Ltd to survive the Covid-19 pandemic, says vice president Tricia Ng. Despite being a Singaporean company, the company does not focus its efforts in the Southeast Asia region. Instead, Greater China and the Middle East become the foundation for its businesses. Ng tells SME the company’s strategies in facing a challenging future.
Singapore's Go Digital Well Received
More than 78,000 of Singapore’s SMEs have participated in the country’s Go Digital programme since its 2017 launch, with more about 40,000 becoming participants last year, including 30,000 that received Covid-19 incentives from the government.
Accountants And SMEs: Creating A Sustainable World
For SME finance professionals, ‘sustainability’ is about achieving longevity. However, there is a confusion over different definitions of sustainability. They recognise the growing importance of tackling sustainability issues but lack the understanding of how doing this can be integrated into day-to-day practices within the finance function.
Rebuilding Our Mental Well-Being In Sales
Sue Barrett is a writer, training provider and entrepreneur who founded Barrett in 1995 to positively transform the culture, capability and continuous learning of leaders, teams and businesses.
Omicron: A Test Of Resilence
Global manufacturers have been facing a supply chain crisis since the start of the year. Just as it appeared that the situation was beginning to stabilise, the Omicron Covid variant reared its ugly head.
Silver Lining In The Cloud
Although RAS Security Pte Ltd’s business was adversely affected by the pandemic, there’s a silver lining in the cloud. The occurrence has necessitated the company to innovate its business model to remain viable and led to the discovery of new areas of security service provision. Managing director Tejdeep Singh shares his journey.
Accelerating Artificial Intelligence
Singapore is introducing two new public artificial intelligence (AI) programmes as part of the strategy to use technology for social and economic good, involving a total allocation of S$680 million to accelerate AI research. The latest initiatives require a funding of S$180 million.
Three Tips For Hiring Top Talents
BIG EGOS LOSE TALENTS First up, when it comes to hiring, you must put aside your ego.
The Economy Is Recovering, But What About People?
All signs are pointing towards a speedy recovery. Contrary to what this writer initially predicted, the economy seems to be genuinely recovering.
