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In July 2021, the Word Travel and Tourism Council reported the largest recorded decline in the GDP contribution by the travel and tourism sector in the Asia-Pacific region due to COVID-19. GDP in the region fell more than 53% compared with the global fall of 49%. The council also reported a 74% decrease in spending by foreign travelers due to closures of international borders.
This year, although most countries in the Asia-Pacific have reopened their borders, international travel is expected to remain restricted due to varying levels of infection risk, vaccination rates, and quarantine requirements. In a report published in early 2022, the ADB forecast that international travel in Asia would be “tentative and sporadic” amid concerns about new COVID-19 variants in destinations and fears of their spread by infected travelers upon returning home.
The pandemic has therefore created drastic changes in the business environment of the service sector, especially hotels, aviation, retail, tourism, and food and beverages. These changes may likely persist over the long term, requiring players in this sector to rethink their business models to adjust to the new normal. Considering the importance of this industry to most APO members, it is vital to assist them in selecting the most effective business recovery models.
This workshop will discuss how the services industry can recover from the pandemic by reviewing current issues, challenges, and new opportunities and sharing recent best practices in APO members.
For more details please click on PN.