That hotel business at the top tiers, euphemistically called hospitality industry has started bouncing back over the past six months is good news for this particular type of service sector as well as tourism. Increased revenue earnings from this sector is another positive development. Sure enough, following the easing of travel restrictions imposed earlier on account of Covid-19 and arrangements of high-level local and international seminars and conferences at the luxury hotels, these are witnessing brisk business to return to the pre-pandemic level. This is quite natural. Stalled or held-up and cancelled negotiations are to resume in the interest of business, commerce, investment, industrial ventures and economic cooperation of diverse categories. The current sequence of spurt in this industry is not an isolated phenomenon. Viewed broadly, it should be seen as part of a robust global rebound of the service sector.
On that count, it is a barometer of the economic resurgence taking place in the post-pandemic context. South Asia is doing quite well. India's service sector is reported to have posted a significant rebound. Nepal and Sri Lanka whose income from tourism is their mainstay should not lag far behind. Unlike these two countries, the Maldives was not affected much by the pandemic because of its isolation from continents and its tourism did not bleed like others. Except Pakistan, all other South Asian nations including Bhutan should enjoy a share of economic turnaround that is taking place right now. It is in human nature to make up for the lost time. All the nations in South Asia surely need closer cooperation for revival of their economic prospects but at the same time they are supposed to have an unwritten competition among themselves to be on the highway of recovery. Bangladesh, with its economy in a better stead than many of the region, surely enjoys an edge in order to grab opportunities on offer now.
This does not mean, this country has not its own constraints. The hospitality industry has indicated that tourists are returning, corporate executives and high level government officials are holding seminars, workshops and other negotiations at the posh venues but there is still a long way to go before the luxury hotels get into the pre-pandemic rhythm. If the economic activities reach the optimal level, the burgeoning business of holes will also reach their peak business points. What is positive is that the luxury hotels are about to recover their lost grounds.
So, things are looking up for Bangladesh in terms of its economic uptrend. But the high inflation and market volatility have turned the economic recovery rather exclusive rather than being inclusive. Service sector's rebound in India in the month of August alone has created record employment. A full picture of new employment in the service sector of this country would have helped get an idea of at least the trickle-down benefits at the lower level of society. Luxury hotels' earnings do not reflect sharing of the benefits with those who right at this moment need sources of income most. So, the focus has to be redirected to this segment of people who are struggling to survive this crunch time.
