Malaysians are having a bonanza time in the travel arena. Near free air tickets to international destinations are offered by Air Asia, Firefly and lately even MAS. What does all this mean to our economy?
It all depends on whether we are attracting more foreign tourists than the number of Malaysians going overseas. If the prevalence of budget travel has resulted in more Malaysians jumping on the bandwagon, then the local economy would probably suffer a bit. Local tourist destinations would probably have fewer visitors. Also, Malaysians doing their shopping overseas while on holiday would be buying less at home.
If the budget carriers have attracted more foreign travellers to the country, then the economy should be better off. The tourism revenue would be increased. This would improves our country's balance of payment. But, my gut feeling is that this is not the case.
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