Africa has experienced its fair share of economic challenges over the years, with hyperinflation being one of the most widespread issues plaguing several countries on the continent. Hyperinflation is a rapid and excessive increase in the overall price level of goods and services within a short period of time. When hyperinflation strikes, the value of the local currency rapidly depreciates, leading to a loss of purchasing power for individuals and businesses alike.
Africa and Thailand are two vastly different regions when it comes to hotels and economic welfare. Let's explore how economic welfare theory can be applied to the hospitality industry in these two diverse locations.
Africa's hospitality industry has been experiencing significant growth in recent years, with numerous hotels and resorts popping up across the continent. This expansion not only caters to the increasing influx of tourists but also plays a crucial role in boosting economic welfare.