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France Tops in Global Tourism

With 90 million visitors from around the world in 2019, France is the top visited country in the globe. The country’s tourism sector accounts for 8% of the gross domestic product, GDP, the French ministry of foreign affairs said. Like other countries tourism, which were struck by the Covid-19, France’s tourism was affected as well; the tourist revenue declined in half from January through July 2020.

Spain comes second in tourism, 83.5 million in 2019, and third is the United States, 79.3 million tourists, stated the World Tourism Organization.

The small, popular country can easily be accessed from Europe. 

A hub for clients of Virtuoso, a network of travel agencies and travel experts, France is not a favorite destination only for its accessibility as many European countries already have fine air and rail services, said Misty Belles, Virtuoso's vice president. She continued tourists like France for its superb cuisine, unique culture, unparallel beauty and the feeling they experience in there.

She also said France’s variety appeals to visitors and considering its size it is easily explored, despite the distant destinations in the United States. Belles, having visited the country over 20 times, referred to Paris as a spotlight.

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By Saha on February 28, 2022

Thai's Economy Grow in Q4

Thailand’s economy unexpectedly rebounds in the fourth quarter; however, it had the slowest recovery in southeast Asia last year. While the country’s tourism sector is quite lower than what it was before the pandemic, the recovery pace will probably be low in 2022.  

Thailand’s gross domestic product (GDP) grew 3.5%-4.5% thanks to factors like negligible effect of omicron, higher in-home demand, along with consistent exports and public investment. Strong exports and improved domestic demand brought in growth in the last quarter.

In a news conference, Danucha Pichayanan, chief of the National Economic and Social Development Council (NESDC) said Thailand’s economy performance will be OK in the first quarter of 2022; however, inflation issue exists. He added exports, financial disbursement, tourism and national consumption will support the economy.  

The state planning agency’s expectation for the tourism industry, accounting for roughly 12% of the GDP, was 5.5 million tourists in 2022 as the Thai government lifted quarantine for foreign tourists this february. The number is larger than 5 million forecasted for November. Compared to the year 2019, with 40 million foreign tourist visits, these figures are still low.

The economic recovery, which relies on tourism, will probably be slow in 2022, expected analysts at Capital Economics.

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By Saha on February 21, 2022

Singapore's Recovery Expected to Be Slow

Singapore’s Gross Domestic Product (GDP) saw a growth of 6.1% year-on-year in the 4th quarter, partly above the government’s estimate, said the ministry of trade and industry. Analysts’ expectation was 6.2%.

Singapore’s estimate for the economy is a growth of 3-5% in 2022 as the country is recovering from the pandemic’s decline. However, officials alarmed a flipside to the global economy and rising inflation.   

The global economy is still struggling for recovery as supply chain impediment and increasing energy expenses, following friction between Russia and Ukraine, cause ascending inflation rate.

Trade and manufacturing have speeded up the country’s economic recovery; yet, this year’s expectations for tourism, air transport, and consumers sales are lower than what it was before the pandemic.

Gabriel Lim, Permanent Secretary of the Ministry of Trade and Industry, said supply chain bottlenecks in the world are predicted to linger during the first half of 2022; which would keep down industrial production and economic growth. He added constant supply issue along with high cost of energy amidst geopolitical agitation have impacted rising inflation in the world.

Priyanka Kishore, Head of India and South East Asia, and Sung-Eun Jung, Experienced macroeconomist, said economic growth is expected to slow down in the first half of 2022 while it’s taking long for reopening as a result of omicron spread and high inflation. Also, we expect finance and fiscal policies are tightening this year, they said in their research.

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By Saha on February 18, 2022

UK's Rebound or Boost?

The UK’s economic recovery in the second wave of the coronavirus shows a decline. The recent data released on October 9 points out a 2.1% surge in GDP in August. Britain experienced a fast recovery starting the summer and gained from its scheme known as “eat out to help out”. Nonetheless, the country is still nearly 10% lower than the level before the outbreak. Andy Haldane, a chief economist in the Bank of England, denounced the local media addressing the dark side and underestimating the growth figures. According to him, the growth rate, 2.1%, on a monthly basis is not low with the existing standards, the performance is acceptable; dismissal hasn’t doubled and consumers have bounced back to spending. Samira H.
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By Samira Hassanzadeh on October 19, 2021

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