Sars case casts shadow over Asia travel industry
The World Travel & Tourism Council (WTTC) says it is confident that Singapore’s health authorities will take the necessary steps to curb another outbreak of Sars – but Asia markets have suffered a blow, and airline shares dipped yesterday.
WTTC President Claude Baumgarten said: “The Travel & Tourism industry is absolutely confident that the Singapore authorities, who have previously demonstrated their professionalism and coordinated response to effectively contain and eliminate the SARS outbreak earlier in the year, will take the necessary and appropriate measures to once again deal with the latest situation.”
According to WTTC research, the Sars outbreak earlier this year will have cost Singapore’s tourism industry a 43% loss in Gross Domestic Product contribution and the loss of 17,500 jobs this year. According to the World Health Organisation, during the Sars outbreak, there were 238 reported cases and 33 deaths in Singapore.
Despite reassurance from organisations like the WTTC, investors are reacting negatively to the news. The Financial Times reports today that the Singapore market dropped more than 2% after the Sars case was confirmed, and Hong Kong dropped 1%. Worst affected were travel suppliers, such as Shangri-La Asia, which fell 8.4%, Singapore Airlines – down 6.1%, Cathay Pacific – down 3.3% and Star Cruises, which operates out of Asia Pacific, and fell 12.1%.
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