Singapore’s sluggish exports, and slowing down growth posses a challenge for the country but as it has always been the case, this time around the Manna (edible substance) tend to come from the sky.
And it is the case for a new look Singapore economy, which is now clinging more and more on the massive arrival of Chinese tourists to the tiny republic.
It is a boost to the travel, hotel and air industries – thus consolidating the services sector.
The country, says Bloomberg, is no longer just a stop-over point for tourists catching connecting flights to beaches in Thailand and Bali.
It said more travelers are making the city state their final destination. Chinese visitors has increased since the casino ban was lifted.
Official figures show income from tourism surged 25 percent in the four years since the first two casino resorts were opened in 2010.
Credit Suisse said last month that tourist arrivals this year will probably exceed forecasts from the Singapore Tourism Board, climbing as much as 8 percent to 16.5 million compared to 2015, a big deal for a country where tourism accounts for 10 percent of the GDP.
Source: Bloomberg, WFTV
Image: courtesy of shutterstock.com
Get the latest news, opinions and commentaries. Available on Android