HOSPITALITY INDUSTRY IN MALAYSIA - GROWTH, TRENDS, COVID-19 IMPACT, AND FORECASTS (2023 - 2028)

 According to estimates, Malaysia's hospitality sector is worth USD 4 billion this year and is expected to grow at a CAGR of more than 6.5% over the next five years. The hospitality sector in Malaysia is growing quickly along with the nation's tourism sector. The COVID-19 pandemic clearly had a devastating impact on the tourism sector, affecting hotels as well as travel and tour providers. The industry has lost about RM6.5 billion in income for 2020, with an additional RM9 billion likely lost to date in 2021, according to the Malaysian Association of Hotels (MAH), which estimates that about 120 hotels have shuttered either temporarily or permanently.

Although the pandemic has had a negative impact on the tourism sector, measures are being taken in Malaysia to create a more resilient and sustainable future, with a particular emphasis on digitalization and the creation of smart products and infrastructure. The third largest contributor to GDP in Malaysia is tourism. By 2022, Malaysia is projected to receive 9.2 billion tourists, generating USD 5.98 billion in income. By utilising IR 4.0 enabling technologies, the Malaysian Smart Tourism 4.0 Initiative seeks to maximise the potential of the tourism sector. Although the pandemic has had a negative impact on the tourism sector, measures are being taken in Malaysia to create a more resilient and sustainable future, with a particular emphasis on digitalization and the creation of smart products and infrastructure. 

Major Players: Genting Group, Accor SA, Shangri-la Hotels and Resorts, Hilton Worldwide Holdings Inc, and Marriott International Inc

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