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This chapter investigates the impact of the COVID-19 pandemic on economic stimulus policies. Based on data from 156 economies, empirical results show that in the medium term, cumulative effect of COVID-19 pandemic is positively correlated with the economic stimulus policies but not in the short term. Heterogeneity tests show that while economic policies are used in developed economies more often, restrictive measures in developing countries are likely used as a substitution; deaths have a positive impact on economic stimulus policies but confirmed cases not. The results suggest that the pandemic may reinforce economic inequality due to potential stimulus policy capabilities, requiring international coordination and assistance to low-and-middle income countries in various aspects.

The growth of luxury tourism has been brought to a grinding halt due to the COVID-19 pandemic affecting most parts of the world since early 2020. Although the time for recovery of hospitality and tourism industries is still unclear, experience from the SARS outbreak in 2003 showed that the bounce back from consumers could be fast. The group of most affluent consumers, mostly known as HNWIs (high net worth individuals), will resume their original consumption behaviour much sooner than the rest of the market; these affluent consumers are the main target market of luxury hospitality and tourism industries.

This chapter presents different types of luxury tourism, luxury lifestyle, luxury tourists' decision-making and luxury hospitality products. The luxury food and beverage business in Singapore is presented to illustrate the commercial environment during the pandemic.