Tourism businesses in a 'dire' state, with debt mounting and demand meager: industry

In a poll of tourism operators, some 45 per cent said they were likely or somewhat likely to shut down within three years unless the government steps in to adjust their loan conditions.

It is also asking Ottawa to boost the forgivable portion of fully repaid loans to 50 per cent, from up to 33 per cent, and to extend the qualifying deadline for that forgiveness to the end of 2024, rather than by the end of this year. In March, the combined number of visitors to Canada and returning residents sat at 77 per cent of March 2019 levels, according to the most recent figures from Statistics Canada.

Even in the United States, whose travel industry rebounded more quickly than Canada's, business and international travel remain below 2019 levels —"and business travel appears to have stalled at current levels," said TD Cowen analyst Helane Becker in a note to investors on May 30. The exit of many baby boomers from the workforce hasn't helped, she added:"They've said, ‘Nope, we're out, we're retiring, we're moving to the cottage.’ We have lost a huge amount of leadership within the industry.”

Россия Последние новости, Россия Последние новости

Similar News:Вы также можете прочитать подобные новости, которые мы собрали из других источников новостей

Tourism industry expecting hit after China leaves Canada off approved travel listCanada has been left off China’s approved list of international destinations for tour groups, in an apparent political boycott.
Источник: CTVNews - 🏆 1. / 99 Прочитайте больше »

Indigenous Leaders: Hans Matthews seeks common ground between industry, Indigenous communitiesThe head of the Canadian Aboriginal Minerals Association out to dispel industry myths, answer cultural questions
Источник: sudburydotcom - 🏆 6. / 89 Прочитайте больше »