Zim­babwe - Harare

Tourism Tattler - - BUSINESS & FINANCE -

Re­cov­er­ing from a two-year drought and pre­vail­ing po­lit­i­cal in­sta­bil­ity, Zim­babwe’s eco­nomic growth has slowed down to 0.6% in GDP and is pre­dicted to only grow by 3.8% in 2017 and 3.4% in each 2018 and 2019, as per World Bank. Zim­babwe's tourist ar­rivals in­creased by 9% in 2015 and ar­rivals in the first quar­ter of 2016 al­ready went up by 16% com­pared to the same quar­ter the year be­fore. Whereas oc­cu­pancy in Harare stag­nated in 2016 and is not pre­dicted to grow in 2017. Fur­ther­more, av­er­age rates and RevPAR are de­clin­ing and con­tinue to do so, be­cause the gov­ern­ment de­mands dis­counted rates for their civil ser­vants and ho­tels do not have a chance to in­crease rates over time. On top of that the re­serve bank in Harare started print­ing bond notes in 2016, known as pseudo-cur­rency, re­spond­ing to the short­age of US dol­lars, which has raised fears that the coun­try might be fac­ing an­other pe­riod of in­fla­tion. Zim­babwe bor­ders the great­est wildlife and sa­fari re­gions in South­ern Africa and has plen­ti­ful Na­tional Parks and attractions of its own. In Novem­ber 2016, the new Vic­to­ria Falls In­ter­na­tional Air­port was of­fi­cially open­ing its up­graded and new fa­cil­i­ties. The air­port was funded by China and con­structed by a Chi­nese con­struc­tion com­pany. It is now equipped to han­dle 1.5 mil­lion pas­sen­gers per year (three times as much as be­fore) and some of the world's largest air­crafts. In ad­di­tion to the mas­sive debt can­cel­la­tion by China in 2015 and the ac­cep­tance of the Yuan as cur­rency in ex­change, the new air­port is a fur­ther sign of grow­ing Chi­nese in­flu­ence in Zim­babwe Eti­had Air­ways and Qatar Air­ways are amongst the ma­jor air­lines who have voiced their in­ter­est in serv­ing the new hub. While Harare may see its per­for­mance down, Vic­to­ria Falls should be the new go-to des­ti­na­tion in Zim­babwe. For de­tailed anal­y­sis visit http://hvi.hvs.com/mar­ket/africa/Zim­bab­we_-_Harare

Newspapers in English

Newspapers from South Africa

© PressReader. All rights reserved.