Before COVID-19, big cities such as London, New York, and LA attracted workers from out of town or other countries thanks to their thriving hospitality industry. However, lockdowns have caused substantial impacts on their economies.

Closer to home, The Malaysian Association of Hotels (MAH) estimates that the local hotel industry has lost around RM9 billion in revenue in the first seven to eight months of this year.

This could exceed RM10 billion by December 31, 2021 if things don’t turn around soon.

Image Credit: Nokuro | Shutterstock

Produced by: Richard Bradbury

Presented by: Audrey Raj and Freda Liu

This and more than 60,000 other podcasts in your hand. Download the all new BFM mobile app.

Categories:  Personal Finance,  Investments,  Financial Literacy,  Young Finance,  Personal Development,  Entrpreneurship,  SME

Tags:  Hospitality,  tourism,  furlough,  competitiveness,  visit malaysia,  MAH,