Small island developing states (SIDS) are facing an uphill struggle to recover from the impact of the pandemic, which has deepened their financial and economic vulnerabilities, according to the United Nations Conference on Trade and Development.
Last year was an exceptionally challenging year for SIDS, which are at least 35 per cent more susceptible to external economic shocks than other developing nations, Unctad said in its Development and Globalisation: Facts and Figures report on Thursday.
While these countries are a diverse group, they share a number of socio-economic and environmental challenges and witnessed an estimated 9 per cent decline in their gross domestic product in 2020, compared with a 3.3 per cent drop in other developing countries, the report said, citing figures from the International Monetary Fund.
The economies of the 38 SIDS recognised by Unctad are largely dependent on travel and tourism. Spread across the Caribbean, the Pacific Ocean, the Atlantic, the Indian Ocean and the Mediterranean, these countries includes some of the most popular tourism destinations in the world. They also include island nations with more developed economies, such as Singapore.
Their reliance on the travel and tourism sector to earn foreign exchange revenue made them more vulnerable to the Covid-19 pandemic, which tipped the global economy into its worst recession since the 1930s, forced border closures and severely disrupted the travel and tourism sector.
The world economy is bouncing back and is expected to expand by 6 per cent this year, according to the IMF. However, the tourism sector faces a more uncertain outlook amid second and third waves of the virus in parts of the world.
Revenue in the global tourism industry fell 74 per cent year-on-year in 2020, leading to $1.3 trillion in lost export revenue. The sector is unlikely to recover to pre-pandemic levels until 2023, according to the UN World Tourism Organisation.
The economies of tourism-dependent island nations suffered an estimated 70 per cent drop in travel receipts in 2020, which are “an essential source of jobs and livelihoods", according to the Unctad report.
“Many SIDS have built strong service economies [and] the service sector accounted for over 70 per cent of SIDS’ GDP in 2019,” the report said. “On average, two in three people work in services in the island economies, half of men and three in four women, often in jobs related to tourism.”
On average, exports of services contribute 25 per cent of SIDS’ GDP. These countries generally have an import surplus and almost half of their exports are from the travel sector. As a result, 24 of the 38 nations had a negative trade balance comprising more than 55 per cent of imports in 2020.
Their remoteness poses a significant challenge to their recovery, especially the most isolated Pacific island nations.
The countries' often weak, financially vulnerable institutions are also a stumbling block to a return to growth.
“SIDS are among the most indebted developing countries in the world,” Unctad said. “In 2019, external debt accounted for 62 per cent of their GDP – a record high, mostly driven by increases in short-term debt and private debt.”
Small Island Developing States or SIDS
Antigua and Barbuda
Bahamas
Bahrain
Barbados
Belize
Cabo Verde
Comoros
Cuba
Dominica
Dominican Republic
Fiji
Grenada
Guinea-Bissau
Guyana
Haiti
Jamaica
Kiribati
Maldives
Marshall Islands
Federated States of Micronesia
Mauritius
Nauru
Palau
Papua New Guinea
Samoa
São Tomé and Príncipe
Singapore
St. Kitts and Nevis
St. Lucia
St. Vincent and the Grenadines
Seychelles
Solomon Islands
Suriname
Timor-Leste
Tonga
Trinidad and Tobago
Tuvalu
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- DLD registration fee can be paid through banks or credit cards at zero interest rates
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Other ways to buy used products in the UAE
UAE insurance firm Al Wathba National Insurance Company (AWNIC) last year launched an e-commerce website with a facility enabling users to buy car wrecks.
Bidders and potential buyers register on the online salvage car auction portal to view vehicles, review condition reports, or arrange physical surveys, and then start bidding for motors they plan to restore or harvest for parts.
Physical salvage car auctions are a common method for insurers around the world to move on heavily damaged vehicles, but AWNIC is one of the few UAE insurers to offer such services online.
For cars and less sizeable items such as bicycles and furniture, Dubizzle is arguably the best-known marketplace for pre-loved.
Founded in 2005, in recent years it has been joined by a plethora of Facebook community pages for shifting used goods, including Abu Dhabi Marketplace, Flea Market UAE and Arabian Ranches Souq Market while sites such as The Luxury Closet and Riot deal largely in second-hand fashion.
At the high-end of the pre-used spectrum, resellers such as Timepiece360.ae, WatchBox Middle East and Watches Market Dubai deal in authenticated second-hand luxury timepieces from brands such as Rolex, Hublot and Tag Heuer, with a warranty.
if you go
The flights
Emirates flies to Delhi with fares starting from around Dh760 return, while Etihad fares cost about Dh783 return. From Delhi, there are connecting flights to Lucknow.
Where to stay
It is advisable to stay in Lucknow and make a day trip to Kannauj. A stay at the Lebua Lucknow hotel, a traditional Lucknowi mansion, is recommended. Prices start from Dh300 per night (excluding taxes).
ESSENTIALS
The flights
Emirates flies from Dubai to Phnom Penh via Yangon from Dh2,700 return including taxes. Cambodia Bayon Airlines and Cambodia Angkor Air offer return flights from Phnom Penh to Siem Reap from Dh250 return including taxes. The flight takes about 45 minutes.
The hotels
Rooms at the Raffles Le Royal in Phnom Penh cost from $225 (Dh826) per night including taxes. Rooms at the Grand Hotel d'Angkor cost from $261 (Dh960) per night including taxes.
The tours
A cyclo architecture tour of Phnom Penh costs from $20 (Dh75) per person for about three hours, with Khmer Architecture Tours. Tailor-made tours of all of Cambodia, or sites like Angkor alone, can be arranged by About Asia Travel. Emirates Holidays also offers packages.
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