Articles tagged “recession”

Recession Possible for Tourism-Dependent Singapore Due to Coronavirus: Prime Minister

Reuters

Coronavirus is looking like it may take an unprecedented hit on the travel industry, and tourism-dependent economies like Singapore's stand to lose the most.

Hong Kong Economy May Be Worst-Hit by Coronavirus Outside China

Marius Zaharia and Clare Jim, Reuters

Hong Kong certainly didn't need more problems after an exceptionally rocky 2019. But in coronavirus it's found just that.

Hong Kong Officially Enters a Recession Triggered by a Tourism and Retail Freefall

Kelvin Chan, Associated Press

The news has been on the horizon for awhile but now it's official: Hong Kong has entered a technical recession largely caused by the fall in retail spending and visitor arrivals.

Skift Call Jan. 16: Why Travel Needs to Shake Off the Gloom in 2019

Tom Lowry, Skift

You're hearing a lot of doomsday forecasts for 2019. Global recession. Stock market rout. Runaway inflation. We're here to give you the flip side for how travel this year could be just fine. Listen to our experts on Wednesday, January 16 at 1 p.m. EST on a Skift Call. Please join us for this all-important discussion.

Las Vegas Pegs Tourism Turnaround on Foreign Visitors, New Megaprojects

Richard Velotta, Las Vegas Sun

Las Vegas is wooing international visitors who spend more and stay longer than Americans as well as adopting to a new younger set of customers that prefer clubs over casinos.

Greek prime minister tells Greeks to put on a happy face for summer tourists

Helena Smith, The Guardian

Locals indeed have reason to accommodate foreigners with an influx of arrivals this summer season expected to push tourism’s GDP contribution to almost 20 percent.

One fourth of Spain’s tourism workers lost jobs due to the recession

It’s a lethal combination of the country’s largest job creators cutting costs and small local shops shutting down which has led to such significant losses in the Spain’s most important employment sector.

Portugal unloads state airport operator to French concessions company for $4.07 billion

Henrique Almeida, Bloomberg

With the sale of ANA, Portugal has exceeded its goal of raising 5.5 billion euro to repair debts, which could be one reason why it rejected the only bid that came in for state-owned airline TAPA last week.

Ayurvedic tourism is a saving grace in the difficult days ahead for Kerala, India

Kerala’s steady stream of European tourists has thinned down to a trickle due to economic pressures at home, although (like in many Asian nations) the wealthy or ill still fill rooms for health and medical amenities.

Spanish hoteliers gather to gripe about pessimistic predictions for next year

The ailing hotel industry is a victim of Spain’s economic recession, which is prompting the government to impose taxes that actually hinder the growth of tourism, its greatest commodity.

The U.S. travel industry will fall alongside the economy should it head off the “fiscal cliff”

Spending on business travel will initially drop by $20 billion if the U.S. enters a recession, but could bounce back from lower interest rates and reduced deficits over the long run.

Hoteliers are wary of investing in Europe’s opaque hotel market

Few hotel transactions have transpired in recent quarters leaving investors unconfident when it comes to determining valuations, but one expert believes a boost in optimism is all the market needs to get going.