Chart of the Day: Here’s why it's not all gloom and doom for Singapore tourism

Growth will rebound after a dismal 2014.

Although Singapore’s tourism industry is currently going through a rough patch, analysts from BMI Research believe that the industry’s long-term prospects remain relatively intact.

For instance, BMI Research expects the number of Indonesian tourists--SIngapore’s largest inbound travel market--to grow from 3.0 million tourists in 2015 to just under 4.1 million in 2019.

This growth will be supported by a growing range of transport connections. In August 2015, for example, Indonesian carrier Batik Air launched a new double daily flight connection between Singapore and Jakarta - becoming the eighth airline on the route.

“The Asia Pacific region will continue to account for the bulk of arrivals to Singapore due to the ease and relative affordability of travel as well as Singapore's proximity to major markets. In 2015 we expect arrivals from the Asia Pacific region to increase by 5.7% to reach 13.2mn, recovering well from a dip in arrivals experienced in 2014,” the report said.

“Asia Pacific countries will continue to dominate the regional breakdown and by 2019 we expect arrivals from this region to reach 16.9mn, growth of around 6.4% annually. Europe, and to a lesser extent North America, are also expected to show arrivals growth throughout the forecast period, recovering gradually from the dip in 2014 and 2015,” BMI Research added.