Steady growth and other promising tourism indicators mark Visit Penang 2015.
The record drop in the value of the ringgit is making Malaysia a cheaper destination for foreign tourists. Furthermore, it is encouraging Malaysians to have their vacation within the country instead of travelling abroad. In the coming months, if the logic holds, top tourist destinations such as Penang, KL and Malacca should benefit as a result of this1.
Foreign tourists on the rise
Due to the unavailability of data on GDP contribution to the tourism sector at state level, we use the number of hotel guests to measure the economic performance of the tourism sector in Penang. From this, we find that the tourism sector in Penang continued to grow in 2014 mainly due to the increased number of international tourists.
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