Benefits of Tourism in Singapore

Benefits of Tourism in Singapore 1.0Â   Introduction 1.1 Definition of Tourism industry Tourism refers to the movement of people from different social and cultural background travelling out of their usual environment staying in a different place for business, personal, or professional reasons. These people are commonly referred to as tourist. Their actions in the country they visit affects the local economic market as they carry out their activities, as most of which may require them to spend money thus increasing the expenditure in the local markets which in turns boosts the GDP of the respective country (Media.unwto.org, 2014b). Therefore the tourism industry is formed to cater to the needs and demands of locals and tourists in terms of products and services and is defined as such in this report. 1.2 What does the tourism industry mean to Singapore? As Singapore lacks natural resources, the tourism industry serves as an integral factor that acts as a crucial pillar for the economy of Singapore. It contributes an estimated 4% to the gross domestic product of Singapore and also provides jobs to about 160,000 people. The tourism industry serves to reaffirm Singapore’s position as a global cosmopolitan city that is dynamic, able to cater to the locals’ and tourists’ demands for leisure, entertainment, giving consumers enhanced quality and diversity in terms of leisure creating a wider range of options creating a vibrant living environment that Singaporeans can proudly call home (Stb.gov.sg, 2014). 2.0Â   Economic Impact Analysis Four types of Economic Impacts that Tourism have on the economy 1-Direct contributions Tourism’s direct contributions are results of revenue earned from tourists’ expenditure by businesses like hotels, restaurants, retail outlets, transportation services, cultural / sports and recreational services. 2-Indirect contributions Some of the indirect contributions derive from investment spending from the businesses of the travel and tour ism, Government expenditure in the form of investment to improve or enhance the industries. 3-Induced contributions The direct and indirect employees involved in this sector then in turn contributes to the consumption by spending their wages on food and beverages, recreational activities, clothes, housing and household goods. 4-Total contributions Therefore the total contributions from the direct, indirect and induced contributions will in turn affect the GDP and the employment rate as they affect various factors of the GDP equation which also affects the production rate thus increasing the GDP and employment rate in a situation when there is an increase in revenue and demand from tourist and with certis paribus assumed. 2.1 Contributions to Singapore’s GDP The latest press release by UNWTO World Tourism Barometer, shows that expenditure receipts international visitors spent on food and beverages, services, entertainment, accommodations and much more totaled up to an estima ted SGD$ 1,455 billion during 2013. And that the growth rate of receipts experienced a 5% increase from 1035 million during 2012 to 1087 million during 2013(Media.unwto.org, 2014a). According to an economic report by Singapore’s Travel and Tourism Economic Impact report 2014, in 2013 travel and tourism’s direct contribution to Singapore’s GDP was SGD$ 19.1 billion (5.3% of total GDP) Singapore’s GDP. Its GDP contributions in 2014 is expected to experience a 5.8% increase, and also to experience a 3.4% increase per annum, as of 2014-2024, to SGDS$ 28.3 billion as of totaling a 5.3% of the total GDP in 2024 (World Travel and Tourism Council, 2014).

Risk Management Term Paper Example | Topics and Well Written Essays - 2500 words

Risk Management - Term Paper Example The global fashion house earns popularity through sales and marketing of designer garments of both sexes and also specialises on the sales of children wear. Eight Different Risks emanating from the Global Workplace The fashion retail company operating on a global scale is found to combat different types of risks. Firstly the company earns the risk in getting a favourable location for the effective running of its business operation in the foreign market. Secondly the company also faces the risks of not being able to effectively engage in joint venture or partnership ventures in foreign markets. Thirdly the retail company also faces the threat of getting the right supplier to help the retail company meet business needs. Fourthly the retail company also faces difficulty in rightly promoting its products owing to several cultural and political constraints. Fifthly the retail company is also threatened by the rise in counterfeit market in the global regions. Sixthly the company also may f ace severe restrictions pertaining to customs and other security sectors for which trade in foreign countries gets hampered. Seventhly the company may face growing trouble in regards to acquisition of existing firms to expand its business operations. Finally the staffs of the company operating in global markets owing to lack of control may go for accepting bribes which in turn hampers the business legacy. Above are underlined eight possible risks that a retail company operating in the global sphere may face (Taylor, Sibery and Loughman, 2011, p.361-362). The Risk Register The risks of the company being underlined the managers can well design a risk log or register to note the different risks in a sequential manner. Separate log numbers can be rendered for the different risks listed. Further separate columns need be created for noting down the different type of actions taken by the managers in such respect and the name of the action holders (Lock, 2007, p.104-105). Elucidation of the Emergence of one of the Risks relating to the Company One of the severe business risks run by the retail companies while operating in the foreign markets is running the threat of availability of large scale substitute products. These products are manufactured by local companies and are advertised through the help of television and internet to catch the attention of local people. Large scale availability of such substitutes happens to eat the market for the products and also to render harmful effects like brand dilution. Small local retailers tend to use the same brand logo used by Andromeda Global Fashions on their produces to make them look the same. These products being sold at low prices prove to be a cost effective option for the consumers thus contributing to the formation of substitute products (British Retail Consortium, 2006, p.114). The Sources for the Different Risks The risks pertaining to the lack of availability of specific zones for carrying out its retail operations emerges from the large scale occupancy of available land for residential and other purposes. Moreover in

The elephant and the blind man Essay Example | Topics and Well Written Essays - 500 words

The elephant and the blind man - Essay Example one might reasonably expect them to approach the topic in much the same way; however, as was the case with the blind men and the elephant, this is not the case. Whereas policy makers approach the elephant (healthcare) within the perspective of attempting to create policy decisions which will provide a greater benefit to the highest number of shareholders, the economic costs of some of these policies are often not considered. In this way, the economic policy makers have a firm grasp and understanding concerning the elephant’s tail; however, they lack a complete grasp of the entire animal as a function of what parts they are not realizing exist. In this way, those that focus too intensively on a specific aspect of the issue will oftentimes miss the overall broader application. Similarly, those specialists that approach the elephant (healthcare) from the economic standpoint are trying to find the most viable ways to provide the level of care that is needed while still doing so under an economically viable and reasonably fiscal model. This is oftentimes an impossibly difficult process due to the fact that treatment options are almost never easily determined to be perfectly economic as well as exhibiting a high level of care for the patient in question. In this way, the health economic analyst will likely be examining the micro application of the policies put in place by the economic policy makers (macro approach). The problem lies in the fact that one particular approach is examining the â€Å"wall† of health care policy and trying to make sense out of it; whereas the other economic approach is dealing with explaining how the tail must function with relationship to the larger entity. In this way, understanding both approaches is necessary for creating a more efficient and better healthcare policy; however, appreciating the fact that both the â€Å"wall† and the â€Å"tail† have their own unique functions is vital towards gaining a more complete understanding of