Issue link: https://maltatoday.uberflip.com/i/1248303
maltatoday | SUNDAY • 17 MAY 2020 12 COMMERCIAL TVM THURSDAY 6:30PM EY Malta surveys COVID-19 perceptions among top tourism executives MOST key executives from the Maltese tourism sector expect 2020 to be significantly loss making and expect a materi- al risk of the crisis prolonging well into 2021, according to EY's COVID-19 Industry Pulse Report: Tourism. Participants of the percep- tion survey included key exec- utives from some of the major 3-5-star hotels, hotel chains and boutique hotels. They generally expect a mean- ingful recovery to take between two to five years before return- ing to 2019 levels. There are significant con- cerns that the recovery will be slow and difficult, while uncer- tainty around the duration of the pandemic, availability of a vaccine, and changes in con- sumer behaviour will exacer- bate the matter. Government support meas- ures were well received amongst the industry leaders, and it was agreed that there is a need to have longer term visibility and availability of support measures that extend beyond the easing of lockdown measures as tourism starts to return gradually. The Industry Pulse Report presents a snapshot of the lat- est industry fact and figures, views and estimates around the pandemics impact, and effec- tive fiscal and monetary meas- ures to mitigate the potential effects. All respondents shared a view that Malta needs to revisit and assess its tourism product. It was noted that Malta's strategic approach to tour- ism needs to be reframed for a post COVID-19 world which will potentially see permanent changes to travel behaviours in a context of heightened com- petition for tourism. The report also provides rec- ommendations such as re-ex- amining the tourism offering for the long-term, increasing the efforts in promotion and building market confidence, increased visibility on the du- ration of support measures, and initiatives to reduce the immediate cash burden. Country Managing Partner, Ronald Attard says: "Hospitality and tourism have seen the most significant im- pact from COVID-19 with a complete shutdown in activity and bookings. As one of Malta's main eco- nomic pillars and following several years of large increases in arrivals, the industry is now facing an unprecedented chal- lenge, which requires constant monitoring to ensure proper understanding and sound deci- sion-making. Our team has prepared an In- dustry Pulse Report specifically for the tourism sector because of its immense contribution to our economy and all our peo- ple. We trust that this publi- cation will become a reference document for discussion among stakeholders such as corporate executives, financial institu- tions and the Government." Full access to the Industry Pulse Report can be found here: ey.com/en_mt/respond- i n g - t o - c o v i d - 1 9 / p u l s e - r e - port-tourism