Word: tourism
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From China to the Caribbean, Thailand to Tanzania, workers in the travel industry can relate to Qian's frustration. Whether it's check-in staff at airports, hotel porters, taxi drivers or restaurateurs, millions of people who rely on tourism for their living are feeling the icy chill of the worldwide recession. Between 2004 and 2007, global tourism boomed, with an average growth of 3.6% a year. But as consumers tightened purse strings and canceled vacations in the second half of 2008, tourism's contribution to the world economy grew by just 1%, the industry's worst performance since...
That's an understatement. During the first three months of this year, China, which in 2004 overtook Italy to become the world's fourth most visited country, saw the number of international visitors drop by more than 7%, and its foreign-tourism revenue shrink by more than 15%. In Spain, year-on-year arrivals dropped by 16% in February - the country's sharpest decline in years. And in the tropical islands of the Caribbean and South Pacific, it's a case of surf, sand and empty beach chairs. In February, French Polynesia reported a 30% drop in year-on-year...
...might think the last thing we should be worrying about right now is taking a vacation. Who can afford it? Aren't we all meant to be saving and paying off mortgages? But that's to underestimate the size of the global tourism industry and its potential to energize the world economy. By most accounts tourism is one of the world's biggest industries, accounting for 7.6% of the world's workers (220 million jobs) and generating a staggering 9.4% of global income ($5.5 trillion). "If you look at its linkages with other sectors, you see how deeply it cuts...
...governments are already moving. In March, Madrid pledged $1.3 billion to modernize Spain's tourism infrastructure in a bid to fight off competition from sunshine destinations like Turkey and Egypt, which have become more competitive as the euro has appreciated. In Spain's Canary Islands, where tourism represents upwards of 60% of the local economy, the municipal tourism board recently began a series of seminars to help tourism workers cast off their perceived grumpiness; course materials advise cabbies to "ensure your taxis smell nice and don't drive too fast" and remind hotel staff that, "a smile costs nothing...
...Taiwan and China relations have warmed greatly since Ma Ying-jeou became Taiwan's president last May. Since then, China and Taiwan have held three rounds of unprecedented talks - the first in 60 years - to agree on milestones like establishing direct flights between Taiwan and China and opening Taiwan tourism to Chinese citizens. Last weekend, they agreed to enable each other's banks to set up branches on either side of the Strait, and more than double the number of weekly direct flights that started last year. Before Ma's time, passengers traveling from Taipei to Shanghai...