HSBC Premier updates clients with world economy overview

The financial situation worldwide is slowly stabilising but the road to recovery will still be long and winding, HSBC Malta CEO Alan Richards told an HSBC Premier breakfast meeting.

The meeting was one of a regular series which HSBC Premier organises for clients in Malta.

Guest speaker Winston Zahra Jr, director of the Island Hotels Group, discussed the financial from a tourism point of view putting it into a European context.

Mr Zahra said that between January and April, Malta, like many other destinations around the globe, experienced a drop in tourist arrivals, guest nights and tourist expenditure and the outlook for summer and beyond was difficult to foresee mainly due to economic uncertainty, shorter lead times and price sensitivity.

But one had to remain positive and continue to work hard to ensure the best possible outcome for the Maltese economy.

“Airline seat capacity and marketing funds have been increased to boost tourist arrivals for summer and all parties are working closely together to achieve the best possible result, but the ride is still expected to be rough and volatile,” said Mr Zahra.

“In these challenging times, it becomes increasingly important to manage any operation diligently and creatively, maintaining a positive attitude, taking the bold decisions necessary, focusing on strengths while pruning what is unprofitable, and resetting employee and partner expectations through healthy communication,” he said.

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