Travel and The Economy

Based on a survey the figures have been released that in 2010 out of the total number of visitors arriving at Singapore, 27% of them were business travelers who provided an approximate 40% of the total expenditure. The report released by the OVS (Overseas Visitors Survey) shows a significant rise of business visitors from 21.4% in 2009 to 27.5% in 2010. It is accepted that a dramatically renovated backdrop of the city is the reason behind the sudden surge of business tourists as 108 new business events were inaugurated last year; the event attendance is believed to have witnessed a rise of around 20%.

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However Singapore was not spared from the wrath of the global recession and it took quite a few years for it to recover. It was only in 2010 that the recession dropped to 0.8% as Singapore faced an all time high in its GDP with 14.5% in 2010. This excellent boost of increase in the number of business tourists is because of the fact that Singapore was able to formulate a strong recovery in its economy guided by the economies of its neighboring countries, which in turn revived the travel industry worldwide and within the country especially by unveiling new opportunities for the tourists in the city.

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