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2023 Economic Outlook for Southeast Asia, China and India 2023

Reviving Tourism Post-Pandemic

image of Economic Outlook for Southeast Asia, China and India 2023

The Economic Outlook for Southeast Asia, China and India is a regular publication on regional economic growth and development in Emerging Asia – Brunei Darussalam, Cambodia, Indonesia, Lao PDR, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam, as well as China and India. It comprises three parts: a regional economic monitor, special thematic chapters addressing a major issue facing the region, and a series of country notes.

The 2023 edition discusses the region’s economic outlook and macroeconomic challenges at a time of great uncertainty and a slowdown of the global economy, in particular owing to inflationary pressures, capital flow volatility and supply-side bottlenecks. The thematic chapters focus on reviving tourism after the pandemic. Tourism was among the sectors most affected by both the COVID-19 pandemic and responses to it. The report highlights the economic impact of tourism in the region and explores how the sector can be reshaped to regain its significant role in Emerging Asia. The interruption of tourism allowed countries in the region to consider reforms in the sector, including diversifying tourism markets and addressing labour market challenges, while catering to the new needs and preferences of the post-pandemic world, prioritising sustainable and environmentally responsible activities, and accelerating digitalisation.

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Singapore

Singapore has made progress steadily in its tourism landscape, building key attractions, and refreshing its tourism products every 5-10 years. After the opening of Marina Bay Sands, Resorts World Sentosa and Universal Studios Singapore, the country launched Gardens by the Bay and National Gallery Singapore in 2012 and 2015 respectively. This was followed by Jewel in 2019, an entertainment and retail complex linked to Changi International Airport. Work is underway for a fifth terminal, and the city-state will soon complete the development of the Mandai Nature Park progressively with the opening of Bird Paradise in 2023. While the country continues to market its multi-faceted appeal as a business and leisure destination, it has also embarked on new growth areas towards being a sustainable urban destination to draw a growing segment of conscious travellers, as well as an urban wellness haven. This country note examines these themes.

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