The Importance Of Tourism In Singapore

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1. Introduction To become one of the top tourist spot in the Asia, Singapore has been expanding their tourism sector from travelling to business conventions, becoming a hub for vast array purposes. It is mentioned by Singapore Tourism Board (2016) that in June 2016, Singapore has contributed greatly in the overall expenditure of $5.4 billion in receipts and a healthy amount of 1.3 million of visitors. This shows that it plays a significant role of support in contributing in the overall economy of Singapore. 2. Current stage of development of Singapore As of 2013, the tourist arrival has peaked at 15568 thousand, however plunging to 1269 thousands as of 2016, which cause an approximate decrease of 1269 thousands. (Singapore Tourism Board, 2016) which showed the significant drop in the…show more content…
According to GGRASIA (2016), Malaysia has plans in opening a new attraction; a 20th Century Fox inspired theme park. This would greatly affect Singapore in the loss of the tourist as it would be a highly anticipated destination for the tourists to visit as it is the first movie inspired theme park around the region. 3.2 Singapore’s currency position As Singapore prosper in the economy, the currency rate as compared to the neighboring countries will be much stronger which might posed as a problem for us. This is due to the lower purchasing power of the travelers in a stronger currency country. As a result, tourist may turn into other alternatives when it comes to choosing their destination to travel. It was evidently seen when a tourist of Norway mentioned that the food in Singapore is affordable but she would refrain from other expenditure as it is the same cost in her own country (Melissa, 2016) which would cause a possible decrease in the tourist receipts. 4.

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