Imagine in a school there is a quiet kid who doesn’t participate much in group activities and is always minding his/ her business. But if someone decides to bully that person, then he/she would definitely stand up against the bully! That’s basically Vietnam! Vietnam has always been a country which has been described as a tourist paradise. From mountains to beaches, Vietnam has it all. But, what is the miracle? What has Vietnam experienced lately that has made the people to claim it to be the “Next Asian Miracle!”
Since the beginning of the pandemic most of our lives have been confined to the walls of our houses. Through out the ongoing pandemic we have seen a lot of news and videos. Consumer behavior has changed as well. This has resulted in people buying goods which they might even not need but “just to be sure,” they buy it. In simple terms people are hoarding goods which they might even not need in upcoming days. Its simply their minds playing against them.
Let’s be honest, most of us reading this had travel plans during this summer, be it domestic or international. With the ongoing pandemic, all of our travel plans have now, been cancelled! People have been under lockdown for the past 4-5 months. I am a frequent traveler and for me to be locked into my home and not flying is dreadful. For months, we have been witnessing news about it in various forums like TV news and radios. Social Media has been flooded with statistics regarding the number of death tolls. Somewhere in our brains, this does cause some psychological problems.
The tourism industry is huge. Every year, international trips cost around $1.6 trillion. To put that into perspective, the amount is larger than the whole of Spain’s GDP, or at least this was the case before the pandemic. There are a lot of countries which solely depend on the tourism industry as the major source for their income. But, due to the pandemic many have lost their means of income. In April 2020, only 31 million passengers traveled all across the globe. This sort of numbers were last seen in the early 1970’s. So, will this pandemic take us back in time?
The Antique Economist 