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The Globalysis 2007 Tourism Sector Outlook for Singapore
Globalysis Ltd, Feb 2007, Pages: 10
The research report provides a macro-perspective of Singapore’s tourism sector and indicates that the country should experience significant tourism sector growth in calendar year 2007.
The author defines the tourism sector universe as encompassing the hotel lodging, entertainment, airline and casino gaming (where applicable) industries in addition to the indirect industries supported by tourism such as real estate. Several countries in Asia have identified tourism sector growth as a primary pillar of economic growth over the next decade.
Mr. Jonathan Galaviz, Partner at Globalysis Ltd., stated 'Singapore continues to strategically position its tourism sector in a manner consistent with achieving solid sustainable growth over the coming years. The infusion of new entertainment options into Singapore is attracting the attention of tourists in Asia that are seeking a unique cosmopolitan leisure experience '.
Some of the cited positive factors for Singapore’s tourism sector are: increased airline connectivity, sound strategic decision making by tourism authorities, enhanced entertainment propositions for tourists, and the continued development of two integrated resorts (with casino gaming components) set to open in 2009/2010.
Some of the potential risks cited in the report for Singapore’s tourism economy are: geopolitical risk factors, macro-economic risk exposure to greater Asia, and the potential for terrorism activity in the region.
The author estimates that Singapore will experience approximately 7.7% year over year growth in international visitor arrivals to an approximate figure of 10.5 million visitors in calendar year 2007. Singapore experienced international visitor arrivals of approximately 9.7 million in calendar year 2006 according to the Singapore Tourism Board.
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