At a time when a number of major Latin American economies, including Brazil and Venezuela, are heading toward recession, Mexico’s economy stands out in the region for its resilience. The country is expected to maintain a solid economic performance in 2015 and beyond, with the IMF estimating GDP growth of 3% and 3.3% in 2015 and 2016, respectively.
Tourism is estimated to have directly contributed $12.7bn to the Saudi economy in 2013, equivalent to 1.7% of GDP, and this was forecast to rise by 5.2% to $13.3bn in 2014. Although religious tourism still dominates the industry, government efforts are under way to expand the sector’s offering, with opportunities available in various segments, including heritage and business tourism. Domestic...
The accession of King Salman bin Abdulaziz Al Saud in January 2015 was the start of a new chapter for the Kingdom, and with the fall in global oil prices and continued regional turbulence there are undoubtedly challenges to be met. However, domestic stability, combined with the government’s commitment to major development projects and sustained focus on economic diversification, indicate a positive overall outlook for the country moving forward.
Despite grappling with the challenges of political instability in North Africa and the impact of the eurozone crisis in Europe, Morocco continues to pursue the objective identified in its national tourism development plan, Vision 2020, of becoming a top-20 tourism destination by 2020. The sector already contributes 12% of GDP, supports around 505,000 direct jobs and is an important foreign...
Benefitting from strong ties to both Europe and the Arab world, Morocco has the right ingredients for future growth: low inflation, political stability, an industrial base and a favourable climate. With the outlook improving for Morocco’s trade partners and the lower price of oil – of which the country is a net importer – most observers expect growth to be even stronger in 2015, with estimates ranging from 4.4% to 5.0%.
Following successful completion of the Papua New Guinea liquefied natural gas project, the country is experiencing a surge of optimism about foreign investment and overall economic growth. PNG remains favoured by its traditional investors such as Australia, but it is increasingly a target for new players, including China and Japan.
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