Resort Industry in Malaysia Specifically Redang Island
QUESTION 1: Discuss the resort industry in Malaysia specifically Redang Island. A charming history has turned Malaysia into a multinational land of extreme contrasts. Travelling in Malaysia has been a heart-warming experience, while its first class infrastructure makes travelling in Malaysia a convenient and comfortable stay. The gastronomical paradise consists of millions-years old forests, state of art skyscrapers and hundreds of colorful festivals by all the races in Malaysia (Tourism Malaysia, 2009).
According to Norlida, et al. (2007), the Malaysian economy was traditionally conquered by the performance of the primary commodities sector such as rubber, tin, palm oil and petroleum which was subsequently followed by drastic development of the manufacturing sector in the late 1970’s. Starting early 1970’s and 1980’s, the government started widening its economic base, and tourism sector became the potential sector to be developed. This is all due to the several major global economic recessions.
As to the statistics listed in the EconomyWatch (n.d), it is stated that the tourism industry in Malaysia ranks 35th in the international tourism market. Travel and tourism associated activities are expected escalate to yield profits of 33.6 billion in the year 2007. Tourism industry in Malaysia is assumed to rise by 4.5% in the year 2007. This figure is likely to go up by 6.6% every year. Opportunities in employment are ascertained to attain a figure of 1217000 thereby contributing 11.6% of total employment.
Tourism in Malaysia hopes that in the year 2010, the tourism sector will bring out more shines for Malaysia as the Tourism Ministry in eyeing on new tourism products after the higher than expected number of foreign tourists arrived in the country last year. In 2009, 23.65 million foreign tourists arrived in Malaysia, an increased 7.2% as compared to 22.05 million in the year 2008 (Bernama, 2010). Besides that, it has also indicated
According to Norlida, et al. (2007), the Malaysian economy was traditionally conquered by the performance of the primary commodities sector such as rubber, tin, palm oil and petroleum which was subsequently followed by drastic development of the manufacturing sector in the late 1970’s. Starting early 1970’s and 1980’s, the government started widening its economic base, and tourism sector became the potential sector to be developed. This is all due to the several major global economic recessions.
As to the statistics listed in the EconomyWatch (n.d), it is stated that the tourism industry in Malaysia ranks 35th in the international tourism market. Travel and tourism associated activities are expected escalate to yield profits of 33.6 billion in the year 2007. Tourism industry in Malaysia is assumed to rise by 4.5% in the year 2007. This figure is likely to go up by 6.6% every year. Opportunities in employment are ascertained to attain a figure of 1217000 thereby contributing 11.6% of total employment.
Tourism in Malaysia hopes that in the year 2010, the tourism sector will bring out more shines for Malaysia as the Tourism Ministry in eyeing on new tourism products after the higher than expected number of foreign tourists arrived in the country last year. In 2009, 23.65 million foreign tourists arrived in Malaysia, an increased 7.2% as compared to 22.05 million in the year 2008 (Bernama, 2010). Besides that, it has also indicated
References: Farnham, P.G., (2005),” Economics for Managers”, Prentice Hall, USA. Landsburg, S. E., (2002),” Price Theory & Application”, 5th Ed. Clarinda Publication Service, USA. MyGovernment (2010),”Tourism”, [online] retrieved from http://www.malaysia.gov.my/EN/Relevant%20Topics/IndustryInMalaysia/Business/BusinessTourism/Pages/Tourism.aspx [accessed on the9th November, 2010] Norlida, H.M.S., Othman, R Ouerfell, C. (2008),” Co-integration analysis of quarterly European tourism demand in Tunisia”, Tourism Management, Vol.29, No.1, pp.127-137. Song, H., and Witt, F. S. (2000),” Tourism demand modeling and forecasting: Modern Econometric approaches”, 1st Ed. Pergamon: Oxford. Tourism Malaysia (2009), “Destination: States”, [online] retrieved from http://www.tourism.gov.my/en/destinations/default.asp, [accessed on the 8th November, 2010]