An Homage To Zaha Hadid: “Abstracting The Landscape”

An Homage To Zaha Hadid: “Abstracting The Landscape”

Marking five years since the passing of renowned architect and artist Zaha Hadid, Zurich’s Galerie Gmurzynska presents a celebratory and revelatory exhibition of her work entitled “Abstracting the Landscape”.

The picture above is for illustration and is of Ocula.

An Homage To Zaha Hadid: “Abstracting The Landscape” Exhibition At Galerie Gmurzynska In Zurich

Nel-Olivia Waga, Contributor to Travel

I write about conscious luxury, focusing on travel, well-being & art.

Described as the “Queen of Curves”, this Iraqi-British innovator was one of the major figures of late 20th Century and 21st Century architecture and design. Her buildings and interiors always dared to be different and her global legacy reveals her creative and enduring genius. What she achieved is an influential body of work which others look to for inspiration.

Zaha Hadid Abstracting Landscapes at Gallery Gmurzynska Paradeplatz Zurich
Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich GMURZYNSKA

Hers was a career marked by recognition for all that she contributed to the development of design and function. Her impact on the built environment was extensive and driven by her fusion of Modernism into her architectural creations. This saw her become the first woman to receive the Pritzker Architecture Prize and the only woman ever to be presented with the Royal Gold Medal from the Royal Institute of British Architects. Her numerous and acclaimed exhibitions have included “The Great Utopia” at the Guggenheim Museum and Art Basel in both Switzerland and Miami.

Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich
Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich GMURZYNSKA

Her architecture always evolved as she was never prepared to stand still or to accept anything that would compromise her vision. She was always eager to challenge preconceptions bringing some much-needed refreshment to an architectural establishment that can often appear stale and inflexible. The fact that her many buildings already seem timeless is a testament to her ongoing relevance and her ability to prompt those who follow to strive to achieve such a level of authenticity.

Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich
Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich GMURZYNSKA

Galerie Gmurzynska has had a long association with Zaha Hadid having highlighted her work in a number of earlier exhibitions. There is therefore an initial poignancy around this collection of models, drawings, artworks and sculptures as it prompts the thought that she has now gone. However, the sheer vibrancy of the pieces quickly dispels any feelings of melancholy and it is a joy to look at and experience what is so carefully set out here. 

“When we saw Zaha’s design for the “Great Utopia” exhibition of Russian Avantgarde at the Guggenheim New York in 1992, it took our breath away. And that is what our relationship was about, to implement breathtaking projects ever since. For most she will be remembered as the female architect who broke the glass-ceiling. For her the term “female architect” was irrelevant. For us, as a gallery, her drawings and paintings could be considered works of art, while Zaha never considered herself to be an artist. Zaha was an eternaly curious and artistic minded person with a vision. It is this Zaha that we attempt to present in our current exhibition as an homage to Zaha Hadid.” says Matthias Rastorfer, CEO and Partner at Galerie Gmurzynska

Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich
Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich GMURZYNSKA

Zaha Hadid’s use of non-figurative forms and shapes fuses technology with art and the clever interplay of light and color combinations show her freshness of vision, creativity and technical expertise. Elements of the exhibition are so “reach out and touch” that they draw both the hand and the eye as they fill the gallery’s floor space. The sinewy contours of many of the works on display seem irresistible and lure both our eyes and hands to discover more. The mixing of media adds depth to the exhibits and there is also the contrast between the modernity on show here as it juxtaposes with the traditional architecture of the commercial building which appears opposite.

Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich
Zaha Hadid Abstracting The Landscape at Gallery Gmurzynska Paradeplatz Zurich GMURZYNSKA

The exhibition involved close co-operation with the late artist’s designs team who act as the guardians of her legacy and who seek to preserve and respect her artistic integrity. It is fitting that Galerie Gmurzynska has decided to incorporate key elements of Zaha Hadid’s work as a permanent element of its gallery space. This will act as a reminder and a living memorial of this great architect and artist’s depth of contribution over the length of her career. 

Nel-Olivia Waga at Galerie Gmurzynska's Zaha Hadid Exhibition: ″Abstracting The Landscape″ in Zurich
Nel-Olivia Waga at Galerie Gmurzynska’s Zaha Hadid Exhibition: “Abstracting The Landscape” in Zurich XANDRA M. LINSIN

Impressive on all levels.

I view luxury lifestyle from a conscious perspective and am most passionate about wellbeing, art and travel. I am the founder of the lifestyle blog her-etiquette.com (follow me on Instagram: @her_etiquette). I also run the consulting firm HER CIRCLE which specializes in sustainable luxury strategies and marketing concepts with purpose. Before becoming an entrepreneur I have worked in Sales & Marketing at Coutts & Co, Deutsche Bank and Hugo Boss. Based between Zurich and London, I travel the world and write about the joy of the journey. 

Cities look to climate-friendly greenbacks to fund smart projects

Cities look to climate-friendly greenbacks to fund smart projects

Special Reports in Cities look to climate-friendly greenbacks to fund smart projects by Sue Weekes, News editor, Smart Cities World, is more and more evident all over the developed world. It is like a salvation tendency aimed at the assurance of a viable future. It is how the world chooses to respond in the coming years to avoid human activity-induced climate change that has massive repercussions for generations yet to be born.

The idea has already been covered in our Green and Climate Resilient Development but will it be implemented. Let us see the details of what is proposed.

Cities look to climate-friendly greenbacks to fund smart projects 

With technology set to play a key part in the global recovery from the pandemic, we explore evolving funding methods that are helping cash-strapped cities get smart.

Cities look to climate-friendly greenbacks to fund smart projects
Green finance options will increasingly become part of the funding mix

There is a certain irony in the situation that having stalled many smart city projects around the world in 2020, the Covid-19 pandemic is likely to prove the catalyst for accelerating programmes via stimulus and recovery packages.

While technology doesn’t hold all the answers when it comes to helping cities recover and build back better, world leaders clearly recognise the important part it must play.

Recovery packages

US president Joe Biden’s $2 trillion infrastructure plan outlined in March has been the most notable stimulus package to date and ticks many boxes when it comes to core to smart city areas: $100bn for broadband internet; $100bn for electric grid and clean energy; $174bn for electric vehicle incentives, $85bn for public transit, $50bn for disaster resilience of infrastructure; and $20bn for road safety.

Meanwhile, the European Union (EU) pledged a similarly unprecedented package worth €1.8 trillion to help the continent recover, with the centrepiece of NextGenerationEU funding the Recovery and Resilience Facility. This will provide €672.5 billion in loans and grants available to support reforms and investments undertaken by EU countries. Its ultimate goal is to make European economies and societies “more sustainable, resilient and better prepared for the challenges and opportunities of the green and digital transitions”.

“Covid has slowed down many projects due to the paralysis in procurement processes,” says Alicia Asín, CEO of Libelium, which develops and deploys Internet of Things (IoT) sensors for a range of smart city applications. “Now we expect that NextGenEUrope funds to help incentivise and accelerate projects again. Those funds are a great tool to make a difference moving forward from proof-of-concept phase to production.”

These sentiments are echoed by Murali Krishnan, senior industry analyst at growth strategy and research firm, Frost & Sullivan, who also witnessed the abrupt halting of smart city infrastructure development as economic growth dwindled in several economies and governments were forced to reduce spending. “Government financing will continue to be the leading funding model globally as government stimulus programmes across major economies have been initiated to drive economic growth,” he says. “Such stimulus programmes include digitisation and technological spending complementing the rise of smart cities.

Government financing is ideal for projects that have low economic viability but strong social need

“For instance, China rejuvenated its ‘new infrastructure initiative’ post Covid, with announcements to increase investments across 5G, smart grids, data centres, and other smart city initiatives.”

Technology has come to many cities’ aid during the global pandemic and will be key to their recovery, but critical challenges that existed before the pandemic such as digital divides, climate change, congestion and poor air quality, haven’t gone away. As Michael Huerta, former acting US secretary of transportation and administrator of the Federal Aviation Administration, who recently joined the board of directors of mobility analytics company StreetLight Data, points out proper consideration must now be given to how best to channel this money.

 “In the transportation arena, the [United States] administration has talked about making smarter investments that not only address mobility needs, but at the same time help advance our climate and social equity goals,” he says. “This presents an opportunity to reimagine what we invest in and to talk about how smart city projects can address all three of these goals.

“There is a lot of pent-up demand for mobility, and I do expect an acceleration of projects overall.  The key will be to address needs in ways that have broad support.”

Green funding

 Alongside stimulus funding, green banks and other more sustainable funding models are likely to become part of the mix. A green bank is a public, semi-public or not-for-profit institution that offers a variety of financial products focusing specifically on climate mitigation projects, such as renewable energy and energy efficiency programmes.

The C40 Cities Climate Leadership Group is among those calling for a “green and just” recovery. In November last year, it urged leaders to explore the use of city green banks as a mechanism to deliver a Covid-19 recovery plan that prioritises the environment and local communities. Its step-by-step guide, Establishing a City Green Bank, is based on the experiences of major locally operating green banks.

 “City-level green banks have the potential to deliver low-cost investment through a self-sustaining mechanism, offering long-term environmental, social and economic benefits for people,” said Claire Markgraf, head of financing of C40 Cities’ Sustainable Cities Initiative.

 Banks are also launching greener and more socially responsible funding initiatives that aim to help the private sector fund smart city technologies. At the end of 2020, the United Overseas Bank in Asia launched the UOB Smart City Sustainable Finance Framework  to make sustainable financing more accessible to companies that are helping to create smart cities.

 The framework is aligned with the United Nations Sustainable Development Goals (SDGs) and is supported through the Monetary Authority of Singapore’s green and sustainability-linked loan grant scheme.

Covid has slowed down many projects due to the paralysis in procurement processes

It sets out the criteria that the bank’s corporate and institutional clients must meet when accessing a range of products, from green- or sustainability-linked loans and trade finance facilities to other sustainable banking products. Under the framework, businesses must also be able to demonstrate how their activities promote a better quality of life for residents through renewable energy, green building construction, improved energy efficiency, green transportation, sustainable water and waste management and/or climate change adaptation.

 Meanwhile, cities in developing countries around the world have seen the benefits of support from the Green Climate Fund (GCF), set up in 2010. A critical element of the historic Paris Agreement and the world’s largest climate fund. it is mandated to support developing countries raise and realise their ambitions towards low-emissions, climate-resilient pathways. The GCF’s current portfolio features 173 projects around the world with a funding commitment of more than $8.3bn.

According to the Saigon Times, the Asian Development Bank (ADB) is proposing a major $67.3m smart city project in Can Tho, a city located in Vietnam’s Mekong Delta in which the GCF is involved. The report says finance will be sourced from an official development assistance loan of $32.9m from ADB, another loan from the GCF of $7.07m and the city’s reciprocal capital of $20.2m.

The report explains that Can Tho City, the investor of the project, will borrow the money while the Ministry of Finance will sign agreements for borrowing and using the ADB and GCF support on behalf of the government.

Switching mechanisms

Smart city projects can, of course, be funded from multiple sources. Krishnan explains that these can be chosen during different phases of the project depending on a number of factors. “Project initiators must carefully choose funding mechanisms depending on risk appetite and return on investment expectations,” he says, adding: “Direct financing through government allocation or international grants is popular in developing regions, whereas more developed economies often rely more aggressively on revenue-based financing models to build infrastructure.

“Government financing is ideal for projects that have low economic viability but strong social need.

“Public and private partnership (P3) models vary in terms of agreement though they are found commonly in developing and developed regions as a means of financing.”

Huerta is a “big fan” of public-private partnerships and despite recent announcements about federal funding, believes it is important to continue to explore opportunities in this area: “This requires a lot of discussion between cities, investment partners and the larger community about shared goals and objectives, and being willing to hold everyone accountable for meeting them.”

 Transit Wireless, a 5G, neutral host infrastructure provider of wireless, wireline and data-driven solutions to transit operations, has a long-standing public-private partnership with the New York City Metropolitan Transport Authority. In its recently launched white paper Infrastructure in Crisis: How P3 can save critical projects in a post-Covid World, it says P3s “fill budget holes” where cities have limited options to raise revenue. It contends that the P3s that work most successfully today are those that allow a win for all parties – the government entities, private partners and citizens – at a cost and risk model that is sustainable even during the worst fiscal times.

Technology has come to many cities’ aid during the global pandemic and will be key to their recovery

Typically, this sees burden of much of the financing shifting to the private partner. The P3 provides revenue opportunities to municipalities, for instance, advertising on free public wifi or generating revenue from a road toll. The provider also carries the responsibility for the performance of the infrastructure throughout its lifecycle.

The white paper highlights, though, that success of the P3 is reliant on the right mindset and behaviours, as well as a collaborative plan and understanding of the required outcome. “It is imperative that when entering a successful PPP, the public entity and the private entity view each other not as parties on opposite sides of the negotiating table, but as partners who work to achieve the overall goals,” says Melinda White, CEO of Transit Wireless. “The right plan accounts for contingencies should obstacles arise.  When approaching a PPP, it is essential that the company truly understand and deeply connect with the needs of the agency and its operations.”

Going forward, White believes that federal support actually strengthens existing and future and create more opportunities for collaboration. “It will incentivise cities to move ahead with network infrastructure, partner with private companies, and commence the work to build connected communities.”

Time To Stop Relying On Outdated Building Codes

Time To Stop Relying On Outdated Building Codes

CleanTechnica written up by Carolyn Fortuna provides an overview of the specific situation of the struggle against climate change in the developed world via building better-adapted codes. So is it time to stop relying on Outdated Building Codes?
Instead of adopting the same process in the MENA region, it was decided to opt for solar/renewable Building Codes instead, quickly labelled Green Buildings. These are at this conjecture, a popular demand-side support scheme by the industry.
Green buildings contribute to sustainable construction and environment and benefit building owners and users with increased comfort, healthier indoor environment quality, and enhanced durability and fewer maintenance costs.
The impact of such green building codes on solar thermal technology is relatively small. And despite that, several countries in the MENA region have shown keen interest in adopting a unified green building code.
So, what to do?

It’s Time To Stop Relying On Outdated Building Codes

Building codes and referenced standards need to be updated to replace historical weather data with future-focused climate data.

Outdated building codes are a real problem. Today’s changing global weather and other unexpected events such as high winds, flooding, wildfires, and heatwaves makes it imperative for international collaboration to design updated, practical, and appropriate codes. Building codes rely on climate data, and that data is generally updated on a 10-year cycle. The requirements related to structural/ atmospheric loads for wind and snow/ ice, energy use/heat stress, flooding, and wildfire/ bushfire protection have changed tremendously in the last 10 years due to the climate crisis.

It’s time for countries around the world to step up and assess the way they review building codes.

As the weather becomes more severe from year to year, the underlying historical data simply does not accurately reflect the risk to buildings as a result of these extreme weather-related events. The building codes in some countries, particularly in Europe and the US, do reference design standards and dictate the energy performance and structural standards that impact wind loads and snow/ice loads. The issue is that the underlying data is updated on an “as needed” basis, which can exceed the 10 year average.

So a new struggle has emerged in the building industry. Relying on historical climate and weather data no longer provides the same level of safety and resilience for future extreme weather events as they have in past years and decades.

The Global Resiliency Dialogue

Building code developers/ researchers from Australia, Canada, New Zealand, and the US have launched the Global Resiliency Dialogue as a joint initiative to inform the development of building codes that draw on both building science and climate science. Their goal is to improve the resilience of buildings and communities to intensifying risks from weather-related natural hazards.

The following “Findings on Changing Risk and Building Codes” statement outlines the work by the members of the Global Resiliency Dialogue, including:

  • Identifying strategies for the identification of future risks and the development of building code solutions that support adaptation to those risks
  • Cooperating on the development of international building resilience guidelines and further exploration of the relationship with land use planning instruments that help determine the location of buildings
  • Supporting research initiatives to better understand climate science, to assist in aligning expectations for building durability and resilience with the projection of future hazards
  • Developing and deploying messages and resources that enhance understanding of building codes, support a common understanding of risk and communicate the importance of up-to-date building codes
  • Advancing risk and impact analysis to recognize the multiple economic and social benefits provided by resilience investments and the desirability of alternative approaches that fully capture the benefits and costs provided by the building codes

The primary function of building codes universally is to protect life/human safety. Often this requires structural durability, resistance to fire, adequate means of egress, and other related functions to ensure that lives are protected. However, in discussions of natural hazard mitigation and community resilience, particularly as risks continue to become more severe and impact different geographic locations, the question of greater levels of property protection and bounce back recovery of function following an event is increasingly debated by key decision makers.

Survey findings from the Global Resiliency Dialogue describe the status of international building codes today. Currently, none of the building codes in use in the surveyed countries addresses future climate risk – all are focused on addressing risk based on past weather experiences and extreme events. However, — and this is a really good thing — discussions are underway about how to include future-focused risk in outdated building codes. As is to be expected, some countries are farther along than others.

Integrating Climate Data & Building Codes

Most building code development and research organizations rely on outside organizations with expertise in natural environmental sciences to develop the climactic and hazard maps that are included in the codes. The climate data used to inform provisions of building codes is generally not limited to the building safety industry and has the potential to impact other sectors of society. That’s important, particularly because the key science agencies are often national bodies that service the diverse needs of state, provincial, tribal/indigenous, and local jurisdictions.

Most building codes that address extreme events do so as part of the design standard and based on the probability of the occurrence of the specific event, with the design requirements changing based on the potential severity of the event, location, or the importance of the building. Design events are frequently measured in probabilities, with the ratios varying greatly by country with no apparent international consistency. In some cases, certain extreme weather occurrences have been determined as difficult to address through building codes due to either the localization of an event or the severity of the natural forces involved. Two such examples are hailstorms and storm surge impacting coastal regions.

As countries consider modeling scenarios to incorporate future climate-related risk in building codes, one option under wide consideration are Representative Concentration Pathways (RCPs) – scenarios that consider the emissions and concentrations of the full suite of greenhouse gases, aerosols, and other chemically active gases, along with land use by the year 2100, based on the radiative forcing limit reached on earth before emissions begin to decline. If climate modeling is used, building codes and referenced standards will need to be updated with future-focused climate data. In most countries, this type of change will follow the standard code revision process.

Assuming that code provisions can be adjusted to address future climate risk assessments, countries will need to have a process in place to ensure that the changes are not only adequate but equally suitable and proportionate in scope. This work will fall primarily to the building code development and research organizations in each country, where they utilize their own internal processes. Some entities may develop new standards to assist with regulatory impact analysis.

In the US, a National Climate Assessment is conducted every 4 years by the US Global Change Research Program, a joint effort of 13 federal agencies. To date, the assessment has only  focused on the built environment at a relatively high level. As the fifth assessment gets underway, there may be increased focus on the needs of the design and construction industry, which may result in a deeper dive into outdated building codes.

Final Thoughts About Outdated Building Codes

A whole bunch of job types are involved with the design and implementation of building codes:

  • Academia
  • Architects
  • Building owners/managers
  • Building safety professionals & industry associations
  • Conformity assessment bodies, such as product evaluation services
  • Consumers or consumer advocacy groups
  • Contractors
  • Developers
  • Energy efficiency advocates
  • Engineers
  • Fire safety professionals
  • Government entities: federal/national, state, provincial, tribal, territorial, local
  • Home builders
  • Insurance industry representatives
  • Manufacturers of building products
  • Professional societies
  • Plumbing professionals & industry associations
  • Subcontractors
  • Subject matter experts
  • Supply chain/distributors

As Forbes notes, building codes must keep pace with technology advances in order to help tap much larger potential energy savings and cost reductions. By adapting to reflect the growing trend of fuel-switching and electrification to enable zero-emissions technologies like efficient electric heat pumps and electric vehicles, policymakers can cut consumer costs and harmful pollution while supporting the transition to a clean economy.

It’s Time To Stop Relying On Outdated Building Codes
Carolyn Fortuna

Ensuring a Stronger and Fairer Global Recovery

Ensuring a Stronger and Fairer Global Recovery

Mohamed A. El-Erian writes that ensuring a Stronger and Fairer Global Recovery is required for a better and more satisfactory tomorrow. The two ginormous economies of the World would lead it that way. Here is what he says about that.

Ensuring a Stronger and Fairer Global Recovery

2 April 2021

Although tough trade-offs are sometimes unavoidable, there is a way for policymakers to maintain a robust global economic recovery in 2021 and beyond while simultaneously pulling up disadvantaged countries, groups, and regions. But it will require both national and international policy adaptations.

CAMBRIDGE – An old joke about tricky trade-offs asks you to imagine your worst enemy driving over a cliff in your brand-new car. Would you be happy about the demise of your enemy or sad about the destruction of your car?

For many, the shape of this year’s hoped-for and much-needed global economic recovery poses a similar dilemma. Absent a revamp of both national policies and international coordination, the significant pickup in growth expected in 2021 will be very uneven, both across and within countries. With that comes a host of risks that could make growth in subsequent years less robust than it can and should be.

Based on current information, I expect rapid growth in China and the United States to drive a global expansion of 6% or more this year, compared to a 3.5% contraction in 2020. But while Europe should exit its double-dip recession, the recovery there will likely be more subdued. Parts of the emerging world are in an even tougher position.

Much of this divergence, both actual and anticipated, stems from variations in one or more of five factors. Controlling COVID-19 infections, including the spread of new coronavirus variants, is clearly crucial. So is distributing and administering vaccines (which includes securing supplies, overcoming institutional obstacles, and ensuring public uptake). A third factor is financial resilience, which in some developing countries involves preemptively managing difficulties from the recent debt surge. Then come the quality and flexibility of policymaking, and finally whatever is left in the reservoirs of social capital and human resilience.

The bigger the differences between and within countries, the greater the challenges to the sustainability of this year’s recovery. This reflects a broad range of health, economic, financial, and socio-political factors.

In a recent commentary, I explained why more uniform global progress on COVID-19 vaccination is important even for countries whose national immunization programs are far ahead of the pack. Without universal progress, leading vaccinators face a difficult choice between risking the importation of new variants from abroad and running a fortress economy with governments, households, and firms adopting a bunker-like mindset.

Uneven economic recoveries deprive individual countries of the tailwind of synchronized expansion, in which simultaneous output and income growth fuels a virtuous cycle of generalized economic well-being. They also increase the risks of trade and investment protectionism, as well as disruptions to supply chains.

Then there is the financial angle. Buoyant US growth, together with higher inflation expectations, has pushed market interest rates higher, with spillovers for the rest of the world. And there is more to come.

European Central Bank officials have already complained about “undue tightening” of financial conditions in the eurozone. Rising interest rates could also undermine the dominant paradigm in financial markets – namely, investors’ high confidence in ample, predictable, and effective liquidity injections by systemically important central banks, which has encouraged many to venture well beyond their natural habitat, taking considerable if not excessive and irresponsible risks. In the short term, high liquidity has pushed cheap funding to many countries and companies. But sudden reversals in fund flows, as well as the growing risk of cumulative market accidents and policy mistakes, could cause severe disruptions.

Finally, uneven economic recovery risks aggravating the income, wealth, and opportunity gaps that the COVID-19 crisis has already widened enormously. The greater the inequality, particularly with respect to opportunity, the sharper the sense of alienation and marginalization, and the more likely political polarization will impede good and timely policymaking.

But, whereas the old joke hinges on the unavoidability of tough trade-offs, there is a middle way for the global economy in 2021 and beyond – one that maintains a robust recovery and simultaneously lifts disadvantaged countries, groups, and regions. This requires both national and international policy adaptations.

National policies need to accelerate reforms that combine economic relief with measures to foster much more inclusive growth. This is not just about improving human productivity (through labor reskilling, education reforms, and better childcare) and the productivity of capital and technology (through major upgrades to infrastructure and coverage). To build back better and fairer, policymakers must now also consider climate resilience as a critical input for more comprehensive decision-making.Sign up for our weekly newsletter, PS on Sunday

Global policy alignment also is vital. The world is fortunate to have benefited initially from correlated (as opposed to coordinated) national policies in response to the COVID-19 crisis, with the vast majority of countries opting upfront for an all-in, whatever-it-takes, whole-of-government approach. But without coordination, policy stances will increasingly diverge, as less robust economies confront additional external headwinds at a time of declining aid flows, incomplete debt relief, and hesitant foreign direct investment.

With the US and China leading a significant pickup in growth, the global economy has an opportunity to spring out of a pandemic shock that has harmed many people and, in some cases, erased a decade of progress on poverty reduction and other important socio-economic objectives. But without policy adaptations at home and internationally, this rebound could be so uneven that it prematurely exhausts the prolonged period of faster and much more inclusive and sustainable growth that the global economy so desperately needs.

MOHAMED A. EL-ERIAN, President of Queens’ College, University of Cambridge, is a former chairman of US President Barack Obama’s Global Development Council. He was named one of Foreign Policy’s Top 100 Global Thinkers four years running. He is the author of two New York Times bestsellers, including most recently The Only Game in Town: Central Banks, Instability, and Avoiding the Next Collapse.

Upsizing could become key travel trend

Upsizing could become key travel trend

With the advent of the pandemic and its ensuing lockdown, life changed for the many peoples of the UAE. But of all aspects of life, travelling is to do with remote working and all its direct consequences reviewed here. So despite the Grim short-term Forecast for the Coronavirus-era Economy why upsizing could become a significant travel trend?

Upsizing could become key travel trend, says study

DUBAI, Financial situations worsening for consumers has been widely discussed amid the Covid-19 pandemic. However, many consumers managed to bypass this financial squeeze and have incidentally become efficient savers. 

Upsizing could become key travel trend

This trend should not be overlooked by tourism companies which need to realise that not all travelers will be wanting a budget-friendly option for their next holiday, says GlobalData, a leading data and analytics company.

With saved cash that has accumulated during the pandemic, many travellers may be planning to spend more than usual on their next trip. 

According to GlobalData’s survey, when global respondents were asked if they were concerned about their personal financial situation, 13% stated that they were ‘not concerned’. Although this is still significantly less than the 34% that stated they are ‘extremely concerned’, it means that over one in ten of the global travel market could be financially unaffected by the pandemic and have even saved a considerable amount.

Ralph Hollister, Travel and Tourism Analyst at GlobalData, comments: “Many of the travellers that make up this 13% are likely to be white-collar workers that can work effectively at home. Due to spending the vast majority of their time being confined to their homes in the past year, the urge to travel would have built up. This urge, combined with a significant increase in savings, could mean that many of these travellers will have developed a ‘treat yourself’ mentality, to combat the impact of the pandemic which has increased boredom and frustration for many. This mentality could be present as these consumers start planning their next holiday, which could result in them spending more on room upgrades, business class flights and higher quality rental vehicles.

“As well as saving money on commuting, eating out and on other recreational activities, many of these consumers who have been unaffected by the pandemic have also saved by not booking a holiday last year, or by having their cancelled trip refunded. This could mean that for their next trip, they will go bigger and better on more luxurious travel services and products. This trend could also be driven by a ‘now or never’ mentality, as when travellers have the opportunity to go on holiday, they will spend significantly more and stay for longer in case another situation like the Covid-19 pandemic reoccurs,” Hollister said.  –TradeArabia News Service