Can tourism development and economic growth mutually reinforce in small countries? Evidence from Singapore

This study investigates the causal relationships between international tourism development and the economic growth of a global city-state - Singapore - drilling into the temporal details of the tourism-economy nexus in small countries. Many studies have examined whether the tourism-led growth hypothesis or the economy driven-tourism growth hypothesis holds in large developed and emerging countries. Still, relatively few studies examine small countries' tourism-economy nexus, and the temporal details of the nexus have not been adequately examined. We examine the tourism-economy nexus in Singapore using quarterly data from 1991Q1 to 2020Q4 and the Autoregressive Distributed Lag (ARDL) Model, with the long- and short-run dynamics and the feedback loop of the nexus considered. Our statistical findings show that international tourism development leads economic growth by two quarters in Singapore. Also, there are both 'consistent' and 'contemporaneous' positive feedback loops between tourism development and economic growth, but those loops cannot last for more than a quarter. From the economic perspective, our study reveals that improving tourism activities may accelerate the post-Covid economic recovery of some small countries that rely on tourism. Yet, continuous input is required to sustain the tourism-economy synergy.

Competitiveness-the engine that boosts economic growth and revives the economy

Competitiveness is a concept that shows up in all aspects of human life, both at the micro level, in personal, social, and professional life, and at the macro level, linked to organizational and national competitiveness with long-term effects on global competitiveness. In this paper, we aim to address competitiveness in Romania in the current context, before and after the COVID-19 pandemic, highlighting its role in reviving the economy. While until the onset of the pandemic Romania's competitiveness performance was growing, more recently, because of the global health crisis, it dropped a few places, according to the Global Competitiveness Index report. In order to have a clear picture of the degree of competitiveness in Romania, we have presented a series of statistical data for the most relevant macroeconomic indicators for our study for the 2017-2022 timeframe: the global competitiveness index, the minimum wage, labor productivity, the evolution of real labor productivity per employed person, the economic growth rate, the unemployment rate, the inflation rate, the European innovation index, gross domestic expenditure on research and development, export of goods and services as a share of GDP, etc. The methodology used involves the use of quantitative techniques, performing an econometric analysis, and correlating how the most important macroeconomic indicators can influence the degree of competitiveness at both the national and international level. For the post-pandemic timeframe, the analysis switches focus, just as the economic reality did, looking at energy costs and energy use as determinants of competitiveness. Since notions like circular economy and sustainable development correlate being energy-efficient with being competitive, however, at the same time, the high cost of investments necessary for individual businesses and countries to switch from polluting energies to clean energies impedes or at the very least heavily impacts their ability to compete with entities that don't make that same switch, it becomes apparent that the energy market impacts competitiveness metrics. Competitiveness promotes valuable contributors and underpins performance at group and company level, and the effects from the micro level will propagate, with an emission effect, to the entire national economy with obvious implications at the international level, through real growth in macroeconomic indicators, increased labor productivity, increased economic performance (market share, export share, return on capital), raising living standards and economic and social wellbeing (life expectancy index, human development index, poverty rate), education (skills, knowledge, abilities, managerial and marketing skills, corporate culture), competitive potential (innovation, R&D, promotion), and in raising the Global Competitiveness Index by focusing on factors of production, efficiency, and innovation, etc.

Research on the Optimal Energy Saving and Emission Reduction Path for Promoting High-Quality Industrial Development in Hubei Province

In December 2019, a novel coronavirus broke out in Wuhan City, Hubei Province, and, as the center of the coronavirus disease 2019 (COVID-19) epidemic, the economy and production throughout Hubei Province suffered huge temporary impacts. Based on the input–output and industrial pollution emissions data of 33 industrial industries in Hubei from 2010 to 2019, this article uses the non-parametric frontier analysis method to calculate the potential production losses and compliance costs caused by environmental regulations in Hubei's industrial sector by year and industry. Research has found that the environmental technology efficiency of the industrial sector in Hubei is showing a trend of increasing year-on-year, but the overall efficiency level is still not high, and there is great room for improvement. The calculation results with and without environmental regulatory constraints indicate that, generally, production losses and compliance costs may be encountered in the industrial sector in Hubei, and there are significant differences by industry. The potential production losses and compliance costs in pollution-intensive industries are higher than those in clean production industries. On this basis, we propose relevant policy recommendations to improve the technological efficiency of Hubei's industrial environment, in order to promote the high-quality development of Hubei's industry in the post-epidemic era.

Going Green Post COVID-19: Employer Perspectives on Skills Needs

Achieving a just transition to a low carbon economy and society, in the wake of the COVID-19 pandemic, is arguably one of the greatest policy challenges facing governments. It is also of deep concern to businesses, employees and the organisations that represent them. Much of the focus, particularly at policy level, has been on the potential of this transition to create new jobs especially through the growth of renewable energy and clean technology. In this paper, we argue that this focus on ‘green jobs', and in particular new green jobs, grossly underestimates the skills needs of a future workforce able to deliver a transition to a more sustainable low-carbon economy. The focus of this study is to gain an understanding of what skills are required to support the transition beyond these sectors. It critically reports on the results of a series of in-depth interviews with senior managers in key organisations within Cambridgeshire and Peterborough, UK. It sheds a light on the significant employment transitions taking place in organisations who are not specifically focused on delivering ‘green' products or services. It finds widespread acknowledgement of the importance of a green recovery, albeit predicated by economic growth. The key skills needs reported, at all levels were likely to be ‘soft' transferrable skills rather than ‘hard' technical skills. COVID-19 was recognised as both a disrupter and as a catalyst for a green transition.

Why China Cannot Decarbonise

[...]it is often argued—as by Yifei Li and Judith Shapiro, for example—that China's dictatorship should be an advantage in this context: ‘Given the limited time that remains to mitigate climate change and protect millions of species from extinction, we need to consider whether a green authoritarianism can show us the way' (Li and Shapiro 2020, quoted from the publisher's book description). Since CCP bosses do not have to contend with public hearings, environmental studies, recalcitrant legislatures, labour unions, a critical press, and so on, Xi should be able to force state-owned polluters to stop polluting or else, and ram through his promised transition to renewable energy (see Smith 2017, 2020c). Climate Action Tracker estimates that in 2021 China's emissions increased by 3.4 per cent to 14.1 gigatonnes of carbon dioxide equivalent (GtCO2e)—nearly triple those of the United States (4.9 GtCO2e) with a gross domestic product just three-fourths as large (CAT n.d.;EIA 2022). Since 2019, China's emissions have exceeded those of all developed countries combined and presently account for 33 per cent of total global emissions (Larsen et al. 2021;IEA 2021). In the first half of 2021, rebounding from the first wave of Covid-19, China's carbon dioxide emissions surged past pre-pandemic levels to reach an all-time high 20 per cent increase in the second quarter before dropping back in late 2021 and the first half of 2022 as the real estate collapse, Omicron lockdowns, and drought-induced hydropower reductions slashed economic growth to near zero in the summer (Hancock 2021;Myllyvirta 2022a;Riordan and Hook 2022). China promised to stop building coal-fired power plants abroad, but it is building more than 200 new coal-fired plants at home in a drive to boost economic growth, maintain jobs in coal-dependent regions, and ensure energy self-sufficiency—locking the country into coal reliance for many decades to come, derailing the transition to renewables, and dooming Xi's UN pledge to transition to a green and low-carbon mode of development (Xie 2020).

Converging Crises and the Cost of Exclusion: Unveiling the Invisible Women of Sri Lanka's Economy

In Sri Lanka, womens labor force participation has never exceeded 35% in over three decades. As of 2022, the country was ranked 110 out of 146 countries in the World Economic Forums Gender Gap Index. The gaps in womens participation in the formal economy alongside womens limited political empowerment are two leading causes for the country to be lagging in such global gender equality indicators. At a large cost to the economy, the existence of archaic gender norms that promulgate womens unpaid care work often exclude women from the formal labor force. This paper dissects the socio-economic and socio-political factors that lead to the invisibility of women in Sri Lankas economy, while seeking to understand how such underlying causes have been aggravated within the precarity of the post-pandemic context. It is important, now more than ever, to recognize the invisibility of women in Sri Lankas formal economy, while bringing about a transformative vision with a multi-pronged approach to address existing gaps and challenges. With reference to key principles of feminist economics, including the theoretical foundations of Claudia Goldin, Nancy Folbre, and Diane Elson, among others, the paper will make a case for inclusivity and intersectionality in policy recommendations aimed at encouraging womens entry, active engagement, contribution, and retention in Sri Lankas economy. The paper reaches a conclusion that when women lead, participate, and benefit equally in all aspects of life, societies and economies will thrive, thereby contributing to sustainable development and inclusive economic growth.

Development of Borobudur Integrated Ecosystem to Improve Tourist Motivation Visit

This paper discusses the development of Borobudur's integrated ecosystem to improve tourist motivation visit. The approach used is analyzing twenty papers related to tourist motivation, making synthesis, and producing a critical view for each related article, and using the keywords from each article to conduct a semi-structured interview. This research aims to increase Millennial tourists' length-of-stay by determining the tourists' motivation and the tourists' expectations before visiting Borobudur temple. The results show that the factors influencing tourists' visits are the perceived quality and perceived cost. The perceived quality is the quality of tourist services, destination appearance, and the emotional experience tourists expect to get. The perceived cost is the monetary and non-monetary cost tourists spend to visit. Perceived quality and cost will greatly influence tourists' behavioural intentions to visit or even revisit intention. This research focuses only on the Borobudur area and Millennials tourists visiting Borobudur in a window of time. This research timeline was January to March before the COVID-19 happened. The findings of this study will be useful for stakeholders and academics. The government could use this study to produce a thematic road map for the Borobudur area.

Introduction

Individualised employment relations formed a key pillar of the shift to neoliberal economic policy in the 1980s, complementing other dimensions of orthodoxy deployed across governments, public administrations and central banks in the same time. In the neoliberal narrative, market forces would ‘naturally' and justly compensate labour for its contribution to productivity, like any other input to production. Consequently, redistributive institutions empowering workers to win more adequate wages and conditions (through minimum wages, Awards, unionisation, and collective bargaining) were dramatically eroded, or discarded entirely. Combined with welfare state retrenchment, this restructuring of labour market policy increased the pressure on people to sell their labour, and under terms over which workers wielded little influence. Since then, forms of insecure, non-standard work have proliferated globally, and employment relations have been increasingly individualised. Now, most workers in Anglo-Saxon market economies, and a growing proportion of workers in European and Nordic nations, rely on individual contract instruments (underpinned only by minimum wage floors typically far below living wage benchmarks) to set the terms and conditions of employment. Wages have stagnated, the share of GDP going to workers has declined, and inequality and poverty (even among employed people) has intensified. More recently, after years of this employer-friendly hegemony in workplace relations, successive crises (first the GFC and then the COVID-19 pandemic) have more obviously shattered traditional expectations of a natural linkage between economic growth and workers' living standards.After a generation of experience with this individualised model of employment relations, and with the human costs of that approach becoming ever-more obvious, there is renewed concern with reimagining policies and structures which could support improvements in job quality, stability, and compensation. Important policy dialogue and innovation is now occurring in many industrial countries, in response to the negative consequences of neoliberal labour market policies. In those conversations, institutions like collective bargaining have returned to centre stage.

An understanding of how immigration offers a solution against the implications of the Covid-19 pandemic on youth entrepreneurship in South Africa

With the entire globe still amid a global pandemic, youth entrepreneurs endure the same impact as any regular business. These implications are either negative or positive or a combination of both. This paper aimed to educate South African youth and governments on the importance of ensuring that youth unemployment is kept low by engaging in entrepreneurship. Therefore, youth entrepreneurship is a solution to South Africa's youth unemployment issue. In addition, immigration was highlighted as a solution for those youth impacted tremendously by the pandemic. The pandemic brought many lockdowns and restrictions in South Africa, forcing existing and budding youth entrepreneurs to find alternatives or shut down completely. After using a qualitative approach in this paper, many recommendations are made in light of improving the state of youth entrepreneurship in South Africa. The most critical recommendation requires that South Africa, from the top-down, adopt a mindset that youth are South Africa's future. This will ensure that everything done to engage in the mentoring, uplifting and shaping of youth will reap the benefits of a better South Africa in years to come.

Effect of Remittance Inflows on External Debt in Developing Countries

This paper analyzes the effect of remittance inflows on external debt in developing countries, by identifying international reserves as a potential transmission channel. Using panel data over the period 1970–2017 and covering 50 low-and middle-income countries worldwide, we find a positive and significant effect of remittance inflows on the external debt-to-GDP ratio. We also find a negative and significant effect of international reserves on external debt. After controlling for international reserves, the effect of remittance inflows on external debt increases;it remains positive and significant. The results suggest that the role of international reserves as a self-insurance mechanism, and the Dutch disease effect related to remittance inflows are at play. In addition, we find negative and significant effects of economic growth and savings-investment gap on external debt. We also find positive and significant effects of the nominal exchange rate and the United States lending interest rate on external debt. We discuss the policy implications of these findings, while highlighting factors that policymakers should focus on for containing external debt in developing countries in the post-COVID-19.

Design for Well-Being and Sustainability: A Conceptual Framework of the Peer-to-Peer Sharing and Reuse Platform in the Circular Economy

To regain overall well-being in the post-pandemic era, the priorities should not be only economic growth but also human physical and mental health. This study investigates how to incorporate the concept of well-being into the circular economy to facilitate the pursuit of individual/personal and social growth, and sustainable consumption. We begin with a systematic search of the literature on well-being and sustainable product–service systems, model the well-being components in peer-to-peer (P2P) sharing and reuse platforms, and propose design guidelines for platform development. According to our findings, (1) allocentric well-being components (such as gratitude, contribution, and altruism) serve as the antecedents of sharing behaviors, while egocentric components (such as pleasure and attachment) serve as the consequences, and (2) information sharing is crucial to initiating the flow of well-being perceptions and sustainable sharing and reuse behaviors. Based on the findings, we suggest a data-driven approach and active inference theory to facilitate related studies. This study sheds light on the potential to develop well-being within the circular economy and facilitate the sustainable working of the sharing and reuse ecosystem.

Development Model in Economic Growth: Dynamic Cycle on Halal Tourism: Acces la Success

The development of sharia tourism in Indonesia has some extraordinary challenges and obstacles throughout 20202022 due to the Covid-19 pandemic. On the other hand, the 2019 gMtI data shows that by 2030, the number of Muslim tourists is projected to exceed 230 million worldwide. The opportunities, challenges, and obstacles shown in the development of sharia tourism require stakeholder follow-up as part of the growth of the sharia economy in the country. This study offers a theoretical framework for economic growth built on dynamic cycle theory because very few studies investigate it. Even though it is imperative to consider an analysis of economic growth with a dynamic cycle that focuses on the halal tourism sector because it is known to make a significant contribution that supports sustainable development conditions and vice versa. This study investigates one of the Islamic tourism development models originating from Ibn Khaldun's thoughts regarding the concept of the state relating to justice to obtain wealth in economic activity (through trade). The research method used is a literature study using content analysis that focuses on the thoughts of Ibn Khaldun as contained in his work entitled Muqadimmah and several relevant previous literatures. The findings reveal that there are two important points. First, Ibnu Khaldun proposes a framework to help countries face challenges of growth or problems of back-and-forth economic development including a dynamic cycle. The framework is based on a proposition of eight principles from a policy known as the eight wise principles or sentence hikammiyah consisting of sovereign power (al-mulk), sharia, human resources (ar-rijal), property (al-mal), development (al-imarah), justice (al-adl), a yardstick (al-mizan), and responsibility are cycles that occur with different durations. So in the end created three generations. Second, if Ibn Khaldun's thoughts about the eight principles of justice policy are embodied in sharia tourism development policies that are supported by the role of human resources, it will affect the reversal of sharia economic growth. It can be concluded that the dynamic cycle can support the development of sharia tourism and have an impact on sharia economic growth as long as the eight policy principles are implemented correctly according to sharia. Stakeholders need to consider the dynamic cycle for future sharia tourism development policies.

Healthcare costs vis-à-vis economic growth in pandemic crisis with technology adoption

COVID-19 pandemic brought up issues with healthcare costs, national economic development and welfare of the society in forefront. Nations across the globe followed different approaches to deal with COVID-19, such as zero tolerance, herd immunity, containment to build treatment capability. National healthcare became a contentious sociopolitical issue involving healthcare costs, technologies and societal health. In the United States even during the COVID-19 pandemic, the government approach was pursuing a sustainable improvement in patient care through adoption of medical and information technologies. The national healthcare policies are framed around technological interventions with the assumption that deployment of technologies could keep healthcare costs under control and at the same time improve health outcomes. However, evidences show that the healthcare costs are in the rise even with impressive progress in technological deployment. This article highlights some of the recent trends in healthcare costs, technological preparedness, medical technology developments in managing COVID-19 pandemic. The US government mandated electronic health record (EHR) systems implementation and assess its impact on healthcare costs and health outcomes. This article emphasizes the need for understanding the interconnectedness of costs, technology and societal health.

Some Statistical and Analytical Notes on the Nature of the 2020-2021 Crisis

The present work is based on a hypothesis that the Czech economy was showing signs of economic de-celeration and a potential slump into deeper growth problems way before the outbreak of the COVID-19 pandemic, i.e., at least in the year 2019. However, the present text does not intend to thoroughly con-firm this hypothesis because in order to do so, a longer timeline of key economic indicators needs to be analysed. What it does present is at least a partial argumentation supporting the abovementioned hy-pothesis and some basic calculations. It proposes two ways towards its confirmation. The first one is a comparative analysis of individual - especially European - economies' response to subsiding external influences, i.e., to the weakening of the effects of the pandemic on the economy. The second way is at least a partial analysis of key macroeconomic indicators from the time before and during the pan-demic, with an emphasis on detectable divergences in the development. The conclusion of our research is the finding that as early as in 2019, the Czech economy was showing signs of imminent deceleration of growth, which would probably have turned into stagnation and possibly a certain decrease in econom-ic activity. The conclusions indicate that the reason behind such development was a massive but in fact little effective investment activity in the Czech economic environment, which is historically related to the structure of the economy and to the position of the Czech industrial sector in supplier relation-ships. Two related phenomena arise from that: firstly, a relatively low labour productivity, with producers domiciled in the Czech Republic reaching quite a low volume of value added, and secondly a massive capital outflow in the form of profits paid to parent companies abroad. The final part of the paper outlines some potentially effective steps which might lead - under favourable circumstances - to restructuring processes in the Czech economy. Due to the date of finishing the research, the paper does not include the consequences of the War in Ukraine.

Impact of Renewable Energy on the Economy of Saudi Arabia

The objective of the study was to identify the impact of renewable energy on Saudi economy during 2000-2021. Analytical techniques were used to conduct this study. An analysis of the study used a set of variables, in which Renewable energy perceives as independent variable and the dependent variables are GDP per capita, net foreign direct investment, unemployment, fixed capital formation, and net foreign trade. The data of the study were analyzed using the E-views program. According to the study, renewable energy has an impact on certain economic variables and does not have an impact on others. A partial validity is found for the study's central hypothesis. According to our findings, renewable energy contributes significantly to net foreign direct investment, unemployment, and fixed capital formation, but not to GDP per capita, net foreign trade, or fixed capital formation.

BIST Tourism and BIST Electricity Index Relationship

In this study, which is based on daily data, the relationship between BIST electricity index and BIST tourism index was measured between 2012:M9 – 2022:M9 periods. The aim of the study is to measure the relationship between BIST electricity index and BIST tourism index. VAR Granger causality test was applied to determine whether there is any causal relationship between the variables. It has been determined as a result of the analysis that the BIST electricity index has no effect on the BIST tourism index. Two-way ineffectiveness was determined among the variables. In addition, it was obtained as a result of the analysis that the applied correlation relationship was weak between these variables. The results obtained from the study are important in terms of measuring the effects among BIST indices.

Opening industry data: The private sector's role in addressing societal challenges

This commentary explores the potential of private companies to advance scientific progress and solve social challenges through opening and sharing their data. Open data can accelerate scientific discoveries, foster collaboration, and promote long-term business success. However, concerns regarding data privacy and security can hinder data sharing. Companies have options to mitigate the challenges through developing data governance mechanisms, collaborating with stakeholders, communicating the benefits, and creating incentives for data sharing, among others. Ultimately, open data has immense potential to drive positive social impact and business value, and companies can explore solutions for their specific circumstances and tailor them to their specific needs.

Ups and Downs of Business Activity in the Waves of Crises, the Coronavirus Pandemic and Unprecedented Western Sanctions

Subject of article - the dynamics of the integrated Business Activity Index of the Institute of Economics of the Russian Academy of Sciences in 10 main areas of the national economy and the Index of output of goods and services by basic types of economic activity of Rosstat (Rosstat Index) from 2018 to July 2022 inclusive. Growth factors and a list of key macro indicators that determine the level of business activity in the relevant sectors of the economy, as well as the results of calculating the weights of these sectors, are considered. The aim of the article is to substantiate the advantages of the methodology for constructing the IE RAS Index, which includes development indicators of 10 areas of the national economy, in comparison with the Rosstat Index. Theoretical studies are based on practical calculations performed on the basis of official statistical reporting, and a comparative analysis of the results with the dynamics of the Rosstat Index. Research period: post-crisis 2018-2019, pandemic and post-pandemic 2020-2021 and initial stage of the mobilization period for the economy- January-July 2022. To calculate the IE RAS Index, the method of construction of integral estimates of macroeconomic dynamics, correlation analysis, as well as a matrix of coefficients of pair correlation for determination of index weights are used, which is a convincing justification of scientific novelty of the proposed methodology of construction and practical use of the IE RAS Index. Based on a comparative analysis of the dynamics of the indices, it was found that the maximum drop in the IE RAS Index and the Rosstat Index was observed in 2020, and the maximum growth was observed in the post-pandemic 2021. Moreover, according to the IE RAS methodology, larger parameters and earlier dates for the start of decline and growth of business activity in comparison with the Rosstat Index were recorded. As a result, new convincing evidence of the advantages of the IE RAS Index was obtained, the main of which is a more reliable and accurate determination of the critical moments of a change in the business activity trend and, accordingly, the timing of the onset and overcoming of crisis processes in socio-economic development. The authors conclude that, in the new geopolitical reality, it is necessary to include the IE RAS Index as a target indicator for the country's ability to secure state sovereignty. © Frenkel A. A., Tikhomirov B. I., Surkov A. A., 2023 .

Burning beds and political stasis: Bernard Stiegler and the entropic nature of Australian anti-reflexivity

The entropic state that engulfed the East Coast of Australia in the first eight months of 2020 followed thirty years of uninterrupted economic growth and 10 years of tenuous federal governments divided on the question of climate change. The twin geophysical crises of catastrophic bushfires and the COVID-19 pandemic have led to a public reckoning around our guardianship of the environment, as well as our relationship with science and indigenous knowledge. Congruent with this was the rapid transformation of both schools and universities to online learning, causing the most significant rupture to the traditional ‘grammar of schooling' for decades. This unprecedented conflation of crises has resulted in the unusual situation where education can be radically transformed, as the material conditions that usually remain latent (thus negating the possibility for change) suddenly exist. As a result, there has been an increased openness to pedagogies of potentiality, as schools and universities resist the urge to ‘return to normal'. Amongst these pedagogies, the philosophy of Bernard Stiegler is unique in its direct response to the entropic state with a counter-impulse, negantropy, which seeks to harness our technological capacity under an ethos of care and unite it with our existential purpose to flourish and thrive. This paper will consider the possibilities of Stiegler's utopian call for action in relation to the Australian context, as schools and universities reconceptualise the sharing of knowledge and the purpose of education that seeks to rectify the gaps of the past.

Economic policy uncertainty, governance institutions and economic performance in Africa: are there regional differences?

In recent years, the global economy has witnessed several uncertainty-inducing events. However, empirical evidence in Africa on the effects of economic policy uncertainty (EPU) on economic activities remains scanty. Besides, the moderating effect of governance institutions on the uncertainty-economic performance relationship in Africa and the likelihood of regional differences in the response of economic activities to EPU on the continent are yet to be investigated. To address these gaps, we applied system GMM and quantile regressions on a panel of forty-seven African countries from 2010 to 2019. We find that while global EPU and EPUs from China, USA and Canada exert considerable influence on economic performance in Africa, the effects of domestic EPU and EPUs from Europe, UK, Japan, and Russia were negligible, suggesting that African economies are resilient to these sources of uncertainty shocks. We also find that governance institutions in Africa are not significantly moderating the uncertainty-economic performance relationship. However, our results highlighted regional differences in the response of economic activities to uncertainty, such that when compared to East and West Africa, economic performance in Central, North and Southern Africa is generally more resilient to global EPU and EPUs from China, USA, Europe and UK. We highlighted the policy implications of these findings.