THE EFFECTS OF EUROPEAN INFLATION ON THE HOSPITALITY INDUSTRY Three years on and the results of the on-going health crisis see Europe failing to cope. After job losses, furlough, bankruptcies and total instability, as well as lockdowns and no travel, citizens are tired and are trying to get back on their feet. With travel restrictions starting to ease nations are preparing for the full reopening of the European economy. But skyrocketing inflation, supply chain bottlenecks, and the all too real threat of new coronavirus variants as well as monkey-pox all pose great challenges to the outlook of the hospitality industry across the continent. Western inflation has reached double figures, the highest since 2008. Back then it was north European countries pointing their fingers at Greece, calling them ‘the lazy sheep of Europe’ and the country that was going to ‘destroy all European economies’. Since March 2020 onwards, it has been proven that the problem is that the northern European countries are incapable of managing themselves and to lead the way. Therefore, inflation in Europe will remain high until 2026 if not until 2030, before starting to drop to single digits again around 2030-2035. Growth will remain low for several years unless Europe radically changes its recovery policy and does not follow the same path it did in 2018, which began way back in 2007. Rising inflation impacts every business and some more than others, particularly small businesses in the food, restaurant, and hospitality sectors. This inflation, as well as the global health crisis, has left many small business owners with no choice but to cease trading completely. Hospitality has been directly impacted by both economic and socio-political developments, and needs to act fast to fight back pressures from rising food costs, commodities, wage costs, and labour shortages. For hospitality businesses the high oil prices are directly impacting travel costs. Ai rfares have yet to reach the all-time high-level set in 2008, but the current trend indicates a gradual increase in the coming months. From Autumn onwards, the increases will be more severely felt. We are all looking at who is to blame for this mess, the financial crisis, the health crisis, conflict in Ukraine? Supposedly Europe is a union what collectively can solve problems, but this scene today is far from that, they are more separate than ever as each l eader looks to secure their nations energy and food supplies and no longer rely on the ‘leaders’ that put them in this position today and who have so far totally failed to find a collective solution.
MEXICO & BELIZE MUTUAL DESTINATION PROMOTION COOPERATION The tourism ministries of both Mexico and Belize have agreed to a mutual co-operation for tourism promotion. Mexico shared its efforts on promoting sustainable tourism, which allows its benefits to reach to the entire population; through anchor products and high-impact events, through which the activity is diversified towards the 235 places with a tourist vocation. During a tour of Belize tourism between the two countries would be triggered and supported by the close ties that unite the two nations and the great tourism product that the Mundo Maya region represents, helping to create multi-destination products. To strengthen the tourism industry between Mexico and Belize, work must be done on 3 issues: investment in tourism developments; ground and air connectivity; and the exchange of technology, training and experiences. There are many coincidences between the 2 countries, not only in relation to the Mayan World, but also in tourist attractions such as the jungle area, and the options for fishing, diving, ecotourism, among other nature tourism activities. High level meetings took place both sides to begin joint tour packages and more connectivity to the project.
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