Hospitality Industry | News and Latest Developments

  • Kenya’s economy could shrink by five percent in what will represent a USD 10 billion loss of the country’s output if the coronavirus pandemic is not contained, management consultants McKinsey & Company has warned in a new report to be released Friday. The firm reckons that the dip in gross domestic product will be the product of disruption to supply chain for key inputs in machinery and chemicals, a hit on the tourism inflows and exports like flowers and reductions in household and business spending, all of which are critical for economic sustenance and growth.
  • Egypt’s current account deficit for the last quarter of 2019 narrowed to USD 3.19 billion from USD 3.25 billion in the same quarter of 2018, according to central bank data released on Monday. Remittances from Egyptians working abroad increased to USD 6.97 billion from USD 6.14 billion, while tourism revenue climbed to USD 3.06 billion from USD 2.86 billion.
  • The Confederation of Mozambique Economic Associations suggested the suspension of employment contracts for six months, with the replacement of salaries by subsidies, to support the companies most affected by the Covid-19 pandemic. Tourism, civil aviation and agriculture will be the sectors most affected, anticipates the main Mozambican employers’ association, in a study that Lusa had access to on Monday, in which it suggests that subsidies be financed by cooperation partners.
  • Hilton and American Express are partnering on an initiative to provide up to one million hotel room nights for doctors, nurses, paramedics, and other frontline medical staff who need somewhere to sleep or safely self-isolate between April 13 and the end of May, the companies announced Monday. Rooms will either be paid for by Hilton and American Express or, in some cases, donated by individual hotel owners.