GENEVA (July 1): The global tourism industry will lose at least US$1.2 trillion this year, amid crippling travel restrictions and consumer wariness during the coronavirus pandemic, according to a report Wednesday from the United Nations Conference on Trade and Development.
The losses, equal to 1.5% of the world economy, could balloon to S$3.3 trillion if the hit to international leisure travel persists until March 2021, with the harshest effects afflicting developing and island nations, according to the Geneva-based agency’s report.
The collapse of tourism could cost Jamaica 11% of its gross domestic product and reduce Thailand’s GDP by 9%, UNCTAD said. Other hot spots like Kenya, Egypt and Malaysia could lose more than 3% of their GDP, the report said.
Relying on Tourists
The lost revenue may translate into a sharp rise in unemployment in those countries with the potential for wages to drop by 12% in Thailand, 11% in Jamaica and 9% in Croatia.
Wealthier nations with more diversified economies like France, Greece, Italy, Portugal, Spain and the US also stand to lose billions of dollars in tourism revenue, the report said.
Cash & cash equivalent 276mil at 2019, 129mil at 2020. At such burning rate, cash on hand potentially going to depleted by Q3 unless more aggressive cost cutting. 1H21 likely remained in RED and pretty amazing its still traded way above P/B.
eastern & oriental berhad report is out. looks like recovery on the way. international borders reopening in Mar will boost the price?
extracted from eastern and oriental report: The hospitality segment recorded revenue of RM16.6 million for the financial period ended 31 December 2021 as compared to RM13.2 million. This marked an increase of RM3.4 million or 25.8%. The increase in revenue was mainly due to higher revenue generated as the interstate travel ban have been lifted for local tourists.
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