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.

Japanese Economic Performance after the Pandemic: A Sectoral Analysis

The COVID-19 crisis battered the Japanese economy. The purpose of this paper is to investigate whether the pandemic has left scars. To this end, it employs out-of-sample forecasting models and detailed stock market data for 30 sectors and disaggregated current account data for the 3 years after the first case occurred. The findings indicate that stock prices in sectors such as tourism, education, and cosmetics remain far below forecasted values after three years. Office equipment and semiconductor stock prices initially fell more than predicted but have since recovered. Other sectors such as bicycle parts and home appliances gained at first but are now performing as expected. Sectors such as home delivery and electronic entertainment continue to outperform. The results also indicate that income flows from Japanese investments abroad are much larger than forecasted, keeping the Japanese current account in surplus even as imports of oil and commodities have created persistent trade deficits. Since the travails of hard-hit sectors such as tourism reflect their exposure to the COVID-19 pandemic rather than bad choices made by firms, policymakers should consider employing cost-effective ways to stimulate economic activity in these sectors. © 2023 by the author.

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.

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.

Role of banking sector in green economic growth: empirical evidence from South Asian economies

The COVID-19 pandemic has slowed progress to the achievement of net-zero and sustainability goals. In particular, emerging economies may benefit greatly from the cooperation of banking institutions in promoting green recovery. This study focusses on banking institutions in South Asian countries that boost the intermediary financial spread, according to a thorough sample of banks from 2011 to 2021. The analysis employs the data envelopment analysis method, and the results are robust. In addition to these characteristics, we also consider aspects such as urbanisation, industrialisation, and population expansion. Banks may play a significant role in facilitating the realisation of environmental targets because of the clear advantages of the results, which provide comfort for green recovery. As green financing may lead to more efficient and robust financial systems, the results provide strong evidence for policymakers, financial institutions, and the financial sector.

GCC Hydrocarbon Economies and COVID: Old Trends, New Realities

The book considers the impact of COVID-19 on the GCC member states through the prism of challenges faced by their hydrocarbon sector. Yet, the publication's discourse is not solely focused on the problems experienced by the oil and gas industries of the GCC member states after the beginning of the COVID pandemic. Instead, the contributors will analyze how these challenges and subsequent response to them affected other aspects of the GCC socio-economic and political development, from direct impact of the COVID on the energy sector of the GCC to socio-economic consequences of the oil market crisis for the region and its potential fallouts for the international relations of the Gulf. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Singapore Pte Ltd. 2023, corrected publication 2023.

The stock market and NO2 emissions effects of COVID‐19 around the world

In this paper, we study the impact of the coronavirus disease 2019 pandemic in estimated panel vector autoregression models for 92 countries. The large cross‐section of countries allows us to shed light on the heterogeneity of the responses of stock markets and nitrogen dioxide emissions as high‐frequency measures of economic activity. We quantify the effect of the number of infections and four dimensions of policy measures: (1) containment and closure, (2) movement restrictions, (3) economic support, and (4) adjustments of health systems. Our main findings show that a surprise increase in the number of infections triggers a drop in our two measures of economic activity. Propping up economic support measures, in contrast, raises stock returns and emissions and, thus, contributes to the economic recovery. We also document vast differences in the responses across subsets of countries and between the first and the second wave of infections.

The role of social transfers in mitigating families with children from the economic impact of the COVID‐19 pandemic

In this study, we investigated the household income of families with children. Our specific interest was the earned income losses during the COVID‐19 pandemic, and how social transfers have mitigated those losses. We assessed the monthly income levels by comparing the information on the year prior to pandemic to income levels during COVID‐19 pandemic. We found that the pandemic affected all studied subgroups of families with children, with the most negative economic influence in May 2020. In addition, our results indicate that in Finland the social transfers protected fairly well against the negative economic impacts of the pandemic among families with children, especially among vulnerable families (those with lowest income level prior COVID‐19, with low parental education, single‐parent families and families with non‐Finnish‐born parents). The information gained from this analysis can be useful in economic recovery during and after COVID‐19 pandemic, and when preparing for future challenges. [ FROM AUTHOR] Copyright of International Journal of Social Welfare is the property of Wiley-Blackwell and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full . (Copyright applies to all s.)

Economic Recovery Strategy of Sectoral Industries Post-COVID-19: Input-Output Model Simulations

The global COVID-19 pandemic has suppressed the economy and people's welfare, including in Indonesia and Central Java Province, as indicated by the weakening of the national economy by -2.06 percent and locally by -2.65 percent in 2020. Although the economy grew by 3.32 percent in 2021, societal welfare remains lower than in 2019, marked by an increase in unemployment and poverty throughout 2019-2021. Furthermore, the threat of COVID-19 including new variants of the virus continues to weigh on the economy, in 2022 and beyond. This study considered an industrial approach to production, based on inter-industrial linkages and policy simulations with input-output analysis. The objectives of this research are to analyze the impact of the COVID-19 pandemic on the economy of Central Java and to formulate an effective economic recovery policy for industry. The results show that the industries affected by the COVID-19 pandemic in Central Java can promote recovery of overall income in economic industry better than the leading industry and the industries with the highest output multipliers, expressed as a proportional increase in final demand for each industry. Meanwhile, the economic recovery strategy of increasing final demand in industries with high output multipliers results in a faster increase in economic output compared with increasing final demand in the affected industries or leading industries.

Financial stability influence on climate risk, GHG emission, and green economic recovery of China.

This study examines the nexus between financial stability, climate risks, GHG emission mitigation, and green economic recovery of China. Financing efforts to protect against and reduce the hazards associated with climate change need to consider these risks and resources. Study used the Kalman technique of analysis for empirical inference. This research focuses on the carbon risk in China by employing a Kalman estimation approach. Although environmental mitigation was found to be important at 39%, financial strength and carbon hazards were considerable at 34%. Moreover, the report demonstrates the relationship between climatic threats and environmental drift in China, at a rate of 17%, emphasizing the need to address climate change issues. A state's fiscal health guarantees national economic security while pursuing green economic recovery initiatives. Researchers concluded that precise policy suggestions were needed to promote green economic development.

Analysis of Cardiovascular Effects in Riobamba Merchants through Neuroeconomics and Neurohealth

The sudden appearance of the COVID 19 pandemic had serious physical, psychological and economic effects on the entire population, our country Ecuador was no exception. The consequences of the aforementioned pandemic still remain today, for example, there are diseases associated with cardiovascular malfunction, stress, lack of sleep, andamong others. The present study focuses its research on clearly describing the post-covid affectations suffered by merchants of the markets of the city of Riobamba, for this a collection of data of medical assessments is carried out to 46 merchants, later through descriptive statistics the most frequent diseases and the most common ages in which these characteristics have been presented are established. The objective of the research is to identify how to reduce cardiovascular diseases, neuroeconomic behavior and the contribution of neurohealth in the traders of the Ecuadorian markets.

The role of digital transformation in the socio-economic recovery post COVID-19

Several measures have been taken to reduce the impact of COVID-19 pandemic. One of these measures is the broad digital transformation that has rapidly and unexpectedly forced the deployment of digital technologies into corporations' business models and organizational structures. This digital transformation has affected all the socio-economic aspects. In response to the COVID-19 global pandemic, this paper explores the impact of the implementation of digital transformation on the socio-economic recovery by employing cross-sectional regression analysis on 99 countries in year 2020. The paper analyzes the impact of digital transformation on each of economic growth, health care, and income inequality. The results reveal that the digital transformation has a positive and significant impact on the GDP per capita in which a 1% increase in digital transformation results in 1.52% increase in GDP per capita, a positive and significant impact on income equality in which a 1% increase in digital transformation leads to 0.05% increase in income equality, and a negative and significant impact on infant mortality rate, in which a 1% increase in digital transformation results in 0.85% decrease in infant mortality rate which reflects its positive impact on the health care. Hence, the digital transformation has a positive and significant effects on different socio-economic aspects.

Eco Cuty: The Eco-Friendly Marketing Strategy Model for MSME?s Economic Recovery Movement Post-Covid 19

The Covid-19 pandemic has significantly impacted various sectors, especially the global economy, resulting in limited MSME operations and fewer consumers who shopped directly compared to regular days. The new eco-friendly marketing system utilizing technology is a new obstacle for MSMEs in marketing their products because it relates to understanding, readiness, and ability to apply the technology. This study explores implementing an integrated ecofriendly marketing strategy model by MSME actors in Central Java in the context of economic recovery after the Covid-19 pandemic. This type of research is exploratory qualitative research with the subject of MSMEs in eco-friendly products in Central Java. The data collection technique used non-probability sampling (snowball sampling). The analysis starts with data reduction, data presentation, and summarization. The results of the study indicate that the implementation of the "ECO CUTY" solution model can be done in three ways, including (1) entrepreneurial skills;(2) institutional strengthening as an economic force to produce quality products;(3) sociopreneur skills. The implication of this research is to provide a multiplier effect by improving MSME business performance at the international level through the government's role in facilitating online single submission program management in order to monitor developments comprehensively so that governments can later adopt the successful implementation of the "ECO CUTY" model in other countries.

COVID-19 complications and economic recovery of China: guidelines for other economies

PurposeCoronavirus (COVID-19) brought massive economic damage throughout the globe. Economic as well as social set-ups have enormously collapsed. The present paper underlines some economic complications of China during COVID-19. The study also sheds light on initiatives taken by the government of China to fight against such a damaging pandemic.Design/methodology/approachThe study employed secondary research or desk research that involves existing data. The data were collected from reliable sources, described below. The data were summarized and organized to increase the overall efficacy and reliability of the research.FindingsThe study finds that China has confronted many downturns in export and import, GDP decline, blockage of markets and production evaluation. To recover from these unfavorable and adverse circumstances, China has recovered its economy by introducing digital transformation, effective legislations, A V-shaped recovery and A U-shaped recovery in manufacturing and services.Practical implicationsChina's steps and initiatives to invigorate economic developments during a pandemic would be beneficial for other economies facing the severe challenges of economic development, especially after COVID-19.Originality/valueThe present study is one of the rare studies of the domain that offers the guidelines to the policymakers and economists of developing countries to develop their policies regarding the digital economy to face the traditional market's challenges.

ANALYZING A MACROPRUDENTIAL INSTRUMENT DURING THE COVID-19 PANDEMIC USING BORDER COLLISION BIFURCATION

Bank Indonesia, el banco central de Indonesia, ha realizado ajustes en un instrumento de política macroprudencial llamado índice de intermediación macroprudencial (IIM) para impulsar el crecimiento de los préstamos en el contexto de la recuperación económica nacional debido a la pandemia de COVID-19. En este artículo, se desarrolla un modelo dinámico de préstamo bancario con comportamiento procíclico, y se equipa con el instrumento predecesor del IIM denominado requerimiento de reserva basado en la relación préstamo-depósito (RR-RPD). Examinamos los efectos de los parámetros RR-RPD en la dinámica del préstamo utilizando el análisis de bifurcación de colisión de fronteras para determinar los valores umbral de los parámetros RR-RPD para que se pueda mantener la estabilidad del equilibrio del préstamo. Este modelo se aplica a los datos mensuales de los bancos comerciales de Indonesia antes y durante la pandemia de COVID-19 para evaluar la región de estabilidad de los parámetros del instrumento.Alternate :Bank Indonesia, the central bank of Indonesia, has made adjustment settings in a macroprudential policy instrument called macroprudential intermediation ratio (MIR) to boost loan growth in the context of national economic recovery due to the COVID-19 pandemic. In this paper, a dynamic model of bank loan with procyclicality behavior is developed, and it is equipped with the predecessor of the MIR instrument called loan-to-deposit ratio based reserve requirement (LDR-RR). We examine the effects of LDR-RR parameters on the dynamics of loan using the border collision bifurcation analysis to determine the threshold values of the LDR-RR parameters so that the stability of loan equilibrium can be maintained. This model is applied to monthly data of Indonesian commercial banks before and during the COVID-19 pandemic to assess the stability region of the instrument parameters.

The effect of globalisation, foreign direct investment, and natural resource rent on economic recovery: Evidence from G7 economies

Economic and natural resources are key indicators that significantly contribute to reducing environmental degradation and promoting economic progress in the present age of globalisation. Therefore, this study analyses the relationship between globalisation, foreign direct investment, and natural resource rent on economic recovery for the G7 nations between 2000 and 2020. We have the applied GMM model to analyse linkages among the variables. According to the empirical results of our model, higher natural resource rent impedes the economic development of G7 countries. Foreign direct investment, financial development, technological innovation, and involvement in trade openness are combined to produce economic growth. Another intriguing conclusion from this study is the synergistic effect of natural resources and foreign direct investment on economic development. Therefore, it can be claimed that in the case of the G7 nations, human capital development helps offset the effects of the resource curse. In contrast, economic globalisation impedes the growth of the financial sector. The empirical data offers policymakers a fresh perspective on exploiting natural resources as a tool for long-term financial growth.

The extent of the shock to economic growth by the epidemic and the recovery effect: evidence from China since 2020

The Covid-19 pandemic has exerted significant downward pressure on economic activity. In this paper, we examine the extent of the epidemic shock and recovery effects on economic growth by province in China since 2020. We find that the extent of the epidemic shock on economic growth in China has been gradually weakening. Still, the economy has not yet fully recovered from the shock. Also, there is some heterogeneity across provinces in the extent to the economic growth shocked by epidemic and the recovery effects.

Indian agriculture and rural economy in terms of the COVID-19 pandemic

The aim of the paper is the analysis of the changes in Indian agriculture during the pandemic. The following research questions were put forward: What is the diversification of the Indian agriculture and rural economy in terms of COVID-19?;What is the percentage change in overall agricultural commodities production, in farm-gate prices for commodities in agriculture and the allied sector and in the availability of agri-inputs? The theoretical part of the paper depicted the following issues: India's role in global farming;rural economy issues, economic recovery, and the agricultural sector in terms of the COVID-19 pandemic. The studies that were conducted include: documentation, statistical, comparative, and dynamics analysis. The results showed that the Indian agriculture and rural economy in terms of COVID-19 had different tendencies. With businesses across all industries forced to shut down, the economy ground to a halt. Even while farming operations were spared during the lockdown's early stages, the agricultural value chain nonetheless experienced widespread disruptions. This was devastating to the rural Indian economy.

The Collages of Athens. The Representation of the City in the 21th Century

Since 2000s, Athens has been changed due to imponent urban transformations mainly provoked by the implementation of large-scale works in occasion of the 28th Olympic Games in 2004, then by the dramatic effects caused by the impact of the 2008 economic crisis and the imposition of austerity policies and, finally, by the unbalanced growth of the subsequent economic recovery that abruptly halted with the impact of the Covid-19 pandemic. The city has rapidly changed not only its urban configuration, but also the way it has been perceived and represented. During these years, it can be registered a diffuse interest among architects and artists for the use of collage to represent Athens. While during the previous century in Greece collage was mainly limited to the representation of rural and mythological landscape, since 2000s many collaged images embed for the first time many urban features of the contemporary metropolis. This paper aims to present how collage art had been adopted by architects to describe, analyze, critic, and imagine the city as an attempt to find a proper tool to deal effectively with the emerging urban issues that had arose with the new status of Athens as a metropolitan city. In particular, the association between collage and the city will be investigated in relation with the periods of growth (2000–2008), decay (2008–2015) and economic recovery (2015–2020). © 2023, The Author(s), under exclusive license to Springer Nature Switzerland AG.

Gender and Covid-19 Economic Recovery: Towards Policy Recommendations and Directions in Kenya

The unprecedented effect of the Covid-19 pandemic on gender and socio-economic activities is unparalleled in the history of Kenya. Buoyed by rapid economic growth and enabling institutional frameworks and guidelines in the past decades, an eight-point economic stimulus package was unveiled to mitigate the effect of economic recession, stimulate economic growth, and cushion households in addition to other Covid-19 pandemic containment measures. However, it had minimal impact on gender equality and empowerment. Proper mechanism should be put in place at both levels of government to draw out gender sector statistics to gauge gender imbalances and develop elaborate socio-economic approaches to address them. The chapter examines the prior and post Covid-19 socio-economic situation, its implications on gender, and makes recommendations for policy directions. © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2021.