It is, all too soon, our last issue of the year. In the industry, however, many cannot say goodbye to 2003 soon enough. It was a cruel year, testing the mettle of many companies which had not even fully recovered from the crises of 2002 and 2001.

Business simply has to get better from here. The good news is, all signs currently are pointing to a better 2004.

The latest poll of forecasters by The Economist (November 1-7, 2003 issue) shows that the forecasters (finance and intelligence institutions) as a whole have become more optimistic about both this year and next.

In Asia, they expect bigger GDP growth rates now (than in July, when the poll was last conducted) for China, Hong Kong, India, Indonesia, Malaysia, the Philippines, Singapore, South Korea and Taiwan. This augurs well for the volume of corporate travel. As trade and business rise among the Asian countries, and between the western and Asian markets, there will be a need to travel.

IATA expects systemwide capacity in 2003 to show 2.5 per cent growth, and 2004 to improve on this with six per cent growth. (For more statistics, read our cover story, page 5 to 12.)

There appears to be more willingness in both the public and private sector to invest and capture a bigger chunk of the growth, showing that while the prognosis for corporate travel looks upbeat, the competition for it is not likely to be downbeat.

Schemes such as Singapore Changi Airport’s cash reward to airlines for every extra traveller they bring to Changi in 2004, compared with their numbers in 2003, is not just aimed at protecting the airport’s status as the hub in the region. It is also aimed at channelling as much travel dollars as possible into Singapore. With the Singapore Tourism Board kicking off a campaign specifically addressing the needs of the business travel and meetings market (see page 3), all gloves are off in the fight for the lucrative segment among destinations.

Global airlines, including SWISS Air Lines and Qantas, have unveiled their new premium classes. Singapore Airlines has invested in the Airbus 340-500, which will enable direct Singapore-Los Angeles flights, and will include a new Executive Economy class for the first time (see page 2).

In the hotel and TMC sectors, investments and efforts are being made to improve products and services. One only has to read the game plans (see cover story) to see that the upside of the recent crises is they have failed to break the bowl.

Instead of falling to pieces, the industry is becoming more professional, productive and efficient.

All it needs is a kinder 2004. I’ll drink to that.

Raini Hamdi
Editor