News
Asian economies boosted by tourism
13 November 2006
Much of Asia is beginning to see the benefits of a boom in tourism in the region.
Traditionally centred on industry, countries such as China and India are beginning to shift their economies towards the services sector as the cash continues to flow, reports the Gulf Times.
According to the World Travel and Tourism Council it is expected that southeast Asia travel and tourism will generate around $230 billion (£ ) this year, with that figure growing to $520 billion (£ ) by 2016.
The northeast of Asia is expected to see even greater growth, with the likes of Hong Kong, Japan and South Korea seeing $2 trillion (£ ) generated each year by 2010.
These huge sums of money which will be pouring into the countries are leading experts to predict a shift in their economies.
'Countries like China, India and Indonesia have low labour costs and will continue to attract industrial production investment, but Taiwan, Korea, Hong Kong, Malaysia and Singapore may have to climb up the value added scale and develop the services sector more,' said Sebastien Barbe, senior economist at investment bank Calyon.
© Adfero Ltd
Traditionally centred on industry, countries such as China and India are beginning to shift their economies towards the services sector as the cash continues to flow, reports the Gulf Times.
According to the World Travel and Tourism Council it is expected that southeast Asia travel and tourism will generate around $230 billion (£ ) this year, with that figure growing to $520 billion (£ ) by 2016.
The northeast of Asia is expected to see even greater growth, with the likes of Hong Kong, Japan and South Korea seeing $2 trillion (£ ) generated each year by 2010.
These huge sums of money which will be pouring into the countries are leading experts to predict a shift in their economies.
'Countries like China, India and Indonesia have low labour costs and will continue to attract industrial production investment, but Taiwan, Korea, Hong Kong, Malaysia and Singapore may have to climb up the value added scale and develop the services sector more,' said Sebastien Barbe, senior economist at investment bank Calyon.
© Adfero Ltd
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