Tourist hotspots worldwide have struggled to sustain profits throughout the COVID-19 pandemic, with travellers unable to leave their nation or concerned over the possibility of infection. Smaller tourist locations are working at extremes, while larger countries with multiple hotspots are recovering slowly. One independent island nation that can’t sustain continued losses in Singapore, which has seen iconic areas like “Little India” & “Chinatown” become ghost towns. Notable entertainment locations in Singapore like Universal Studios & Zoological Gardens have also become gridlocked with tourist activity.
Singapore is a dense & compact nation that combined 720-square kilometres, meaning that domestic tourism is unavailable to the Asian island state. Multiple corporations throughout Singapore have cited bankruptcy during the COVID-19 pandemic, with businesses thriving on the millions of visitors that arrive throughout the island. It’s estimated that 70% of employed personnel in Singapore have lost their jobs, with 50% of businesses expected to shut down before normalcy is reintroduced worldwide.
One corporation that’s struggling worse than most in Singapore is the government’s national aviation company. Singapore Airlines is an admired aviation corporation that’s known for maintaining 1st class dining, flying, and entertainment options. Without permits to operation internationally & the lack of domestic flight, all profits for Singapore Airlines have become extinct. Prolonged closures throughout 2021 will likely see the aviation corporation sell-off their fleet, enter bankruptcy, and never-be-seen from again.
The Singapore Pilot Union has agreed to another decrease in salary, which assists Singapore Airlines in combatting the financial losses associated with continued operational delays. It’s the 3rd decrease in salary that pilots have received in eight months, showing the drastic rate that Singapore Airlines are losing their saved revenues. It should be noted that Singapore Airlines was forced to furlough 20% of their workforce, promising that when the pandemic is over, they’d be rehired. It appears that not even the CEO & Executives at Singapore Airlines have safety nets behind their positions.
It should be clarified that Singapore sustains an average of 11 million visitors per year, with that number depleting to 2.7 Million before COVID-19 became an international pandemic. It means revenue sources have finished at a minimum of 76% & marks the first drop in tourism profits for Singapore since 2013.