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Ensuring the success of the restaurant industry’s long-term future

Whether sketched out, formally written down or informally done at a meeting, planning is always behind most export success stories. An international business development plan is always an important tool for properly evaluating and analyzing factors that would affect the company’s ability to go international.

The novel coronavirus is taking a huge toll across the world, and governments in Latin America and the Caribbean are right to take aggressive measures to save lives. Within a matter of weeks, the macroeconomic outlook for the region has changed dramatically.

The tourism and hospitality sectors are among the hardest hit by the outbreak of COVID-19, which has impacted both travel supply and demand. The World Travel and Tourism Council (WTTC) estimates that tourism constituted 45% of the GDP, 40% of total employment, and 42% of total exports in Belize last year. Given this heavy dependence on tourism, Belize’s economy will be one of the world’s tourism-dependent economies most affected by the pandemic. Apart from its immediate impact on employment, the unparalleled shock of COVID-19 in the tourism industry will have wide-reaching implications, including on the fiscal front.