By Majorca Daily Bulletin reporter
A survey by consultants KPMG finds that a majority of businesses in the Balearics expect to return to pre-crisis levels of turnover by the end of 2022 or later.
The senior KPMG partner in the Balearics, Francisco Albertí, explains that the survey was conducted at the beginning of this year, when the situation was more negative than at present. However, he adds that he wouldn't expect a much different result if the survey were to carried out now. Even so, he believes that if current trends continue, more than half of 2019's business activity will be recovered this year. "We cannot say how much, as there is still a great deal of uncertainty. Nevertheless, the Balearics are ready to have all establishments open."
In Albertí's view, there is an air of optimism as summer approaches. This is because of the vaccination programme, more flights and the lifting of mobility restrictions. As with previous crises, tourism is showing "a faster recovery capacity" than other sectors. Because of the scale of tourism in the Balearics, he is predicting higher economic growth than in other regions.
The tourism season, he suggests, will be "relatively good", although the UK's traffic-light system will go towards determining how good. Fundamental to recovery, he stresses, will be the good use of European recovery funds. These should drive business activity by promoting infrastructure development, digitalisation and the green economy.
The president of the Association of Hotel Chains, Gabriel Llobera, has meanwhile said that although there is a great desire to open hotels, a cautious approach is still needed. Despite increasing passenger numbers at the airport, hotel occupancy remains low.
June 2, 2021 at 04:11PM
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