Trump slump confirmed by ForwardKeys

October 16, 2017 by  
Filed under AMERICAS, News

WASHINGTON, 16 October 2017: International airline passenger arrivals in the United States have fallen consistently since President Donald Trump’s original travel ban on people from several mainly Muslim countries, according to the latest data from ForwardKeys.

ForwardKeys predicts future global travel patterns by analysing more than 17 million booking transactions daily.

The period of decline also coincides with a strengthening US dollar making the US a more expensive destination to visit. Read more

Rugby boosts NZ tourism

September 22, 2017 by  
Filed under News, PACIFIC

WELLINGTON, 22 September 2017: New Zealand’s economy grew 0.8% in the April-June quarter partly due to a tourism boost from the British and Irish Lions rugby tour, official data showed Thursday.

Statistics New Zealand said the quarterly figure, which was in line with market expectations and released just days ahead of national elections on Saturday, took annual growth to 2.7%.

It said exports rose 5.2%, the best quarterly performance in almost 20 years, amid high demand for New Zealand dairy and forestry products. Read more

Economic experts gather in Laos

August 28, 2017 by  
Filed under Events, Laos PDR, News

VIENTIANE, 28 August 2017: The deadline for booking a place at the 41st Southeast Asian Seminar for “Economic Development in Laos and the Greater Mekong Region has been extended to 10 September.

Organised by the Centre for Southeast Asian Studies, Kyoto University and the Faculty of Economics and Business Management, National University of Laos, the event will be hosted in Lao PDR’s capital, Vientiane, 2 to 7 November.

According to the organiser’s blurb, Greater Mekong Sub-region countries Vietnam, Cambodia, Myanmar and Laos share several common economic development strategies that provide opportunities for investment. Read more

HCMC identifies tourism as key driver

June 19, 2017 by  
Filed under News, Vietnam

HO CHI MINH CITY, 19 June 2017: Ho Chi Minh City tourism sector is projecting VND170 trillion (USD7.5 billion) in annual revenue by 2020.

Saigon Times media reported that annual tourism revenue should account for over 11% of the city’s total gross domestic product.

The city is planning to develop tourism into a major economic driver exceeding other industries over the next five years. This year, the sector should achieve revenue of VND120 trillion (USD5.3 billion), a 16.5% rise over the previous year and well above the earlier-set goal of VND116 trillion (USD5.1 billion). Read more

Malaysia dumps F1 early

April 7, 2017 by  
Filed under Malaysia, News

KUALA LUMPUR, 7 April 2017: Malaysia will scrap its Formula One race a year earlier than planned, Prime Minister Najib Razak said Friday, citing rising costs and falling ticket sales.

“The Cabinet has agreed to end the Formula One Grand Prix effective 2018 in view of the low returns compared to the cost of hosting the race,” he said in a statement.

Officials had said last year that Malaysia would discontinue its Formula One Grand Prix race from 2019, waving the checkered flag on one of Asia’s longest-running F1 races. Read more

Iceland to raise VAT in 2018

April 4, 2017 by  
Filed under EUROPE, News

REYKJAVIK, 4 April 2017: Tourists keen to explore Iceland’s natural beauty will have to pay more from next year, after Reykjavik announced a tax hike Friday on the tourism sector, which has exploded in recent years.

The island nation announced the end of an 11% reduced rate of value-added sales tax, saying it will make a typical holiday there about 4% more expensive.

Tax on hotels, campsites, travel agents’ services, pools and spas and such like will rise to the regular rate, which was itself reduced to 22.5%. Read more

Iceland climbs out after crash

March 10, 2017 by  
Filed under EUROPE, News

REYKJAVIK, 10 March 2017:  Iceland’s economy surged last year, data released Thursday showed, as dynamic tourism and investment powered a strong recovery from a devastating 2008 economic collapse.

Iceland Statistics’ preliminary figures showed 7.2% growth for 2016 with GDP soaring by 11.3% in the fourth quarter compared to the same period the previous year.

Iceland’s economy has now expanded by 10% from its size before the 2008 financial crisis, which pulled the Nordic nation into a virtual bankruptcy as its bloated banks fell into an abyss. Read more

China trims GDP growth

March 6, 2017 by  
Filed under News, North Asia

BEIJING, 6 March 2017: Chinese Premier Li Keqiang warned Sunday the world’s second-largest economy faces severe challenges, signalling a further deceleration as he announced a trimmed 2017 GDP growth target of “around 6.5%”.

The economy is already growing at its slowest rate in more than a quarter of a century and the latest target unveiled at the opening of China’s rubber-stamp parliament is lower than a 6.5% to 7.0% range he set last year.

Full-year growth in 2016 came in at 6.7%, the weakest since 1990. Read more

Tourism drives Thai economy

February 21, 2017 by  
Filed under News, Thailand

BANGKOK, 21 February 2017: Thailand’s economy grew 3.2% in 2016, a slight increase on the previous year mainly driven by a buoyant tourism industry and government infrastructure projects.

But the performance is still below the junta’s target as the generals struggle to revive what was once one of the region’s strongest economies.

After two decades of roaring growth that saw the middle class boom, the nation has seen its financial fortunes stutter in recent years. Read more

Portugal books tourism record

February 16, 2017 by  
Filed under EUROPE, News

LISBON, 16 February 2017: A record number of foreign tourists stayed in Portuguese hotels last year, official data showed Wednesday, boosting the economy after a punishing international bailout.

Tourist arrivals and all travel-related revenues, which account for around 10% of Portugal’s gross domestic product, have been growing since 2011, as security fears lure visitors away from rival Mediterranean sunshine destinations.

The number of foreign tourists reached 11.4 million, a 12.7% rise over the previous year when the number of arrivals hit a record 10.1 million, national statistics institute INE said in a statement. Read more

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