Thursday Nov 14, 2024
Thursday Nov 14, 2024
Tuesday, 9 May 2023 01:44 - - {{hitsCtrl.values.hits}}
Earnings from the tourism industry were nearly $ 700 million in the first four months of 2023, in tandem with over 100,000 visitors Sri Lanka welcomed from January to April.
Tourism earnings in the first four months of 2023 were at $ 696.3 million, reflecting a 17.8% increase from the corresponding period of last year, whilst April earnings stood at $ 166.5 million, the latest Central Bank data released showed. Despite being hit by multiple challenges post-Easter Sunday attacks in 2019, the tourism industry has proven its resilience with a remarkable resurgence amidst the adverse publicity of political and economic crises.
“The rebound of the industry is remarkable and its contribution towards the economic revival is more significant,” Tourism Minister Harin Fernando told the Daily FT.
He said the industry’s contribution as a key pillar is now evident for all.
“This is why we said whether Sri Lanka receives the IMF bailout or not, the tourism industry will continue to support the economic recovery,” Fernando added.
Arrivals in the first four months amounted to 441,177 (as against 348,314 in crisis-hit 2022) – a welcome development for the triple-hit tourism industry, but performance is still down by 50% compared to the same period in the benchmark year 2018.
Analysts pointed out that the rise in Chinese travellers is going to benefit the tourism industry in terms of arrival numbers and tourism earnings as well as the overall economic growth.
The latest IMF Economic Outlook on Asia and the Pacific also noted that countries dependent on Chinese tourists will prosper, as the country will lead the economic expansion in the region with 5.2% growth in 2023.
“I am confident with the initiatives Sri Lanka Tourism has embarked on this year, we will have its results by the end of the year,” the Minister said.
Sri Lanka lost over $ 10 billion in foreign exchange earnings, which generate over $ 4.3 billion annually, due to the pandemic during the past two years.
