The hospitality industry saw many lows than highs in the last two years due to the impact of COVID-19. But the industry bounced back, with tourists starting to travel again in full swing.
While the sector has recovered from the impact of the pandemic, it is concerned about the high goods and services tax (GST) rates on hotel rooms and limited support from the government in the last Budget (2022-2023).
As the industry is looking at a resurgence in 2023, executives expect Budget 2023-24 to accelerate the growth momentum.
The COVID impact