Mallorcan hoteliers fear for the economic effects of the war in Ukraine

The Hotel Business Federation of Mallorca (FEHM) considers that the favorable economic context foreseen after the pandemic could be stopped due to the consequences that Russia’s invasion of Ukraine may produce.

“We deeply regret that Russia has declared war on Ukraine in the first place due to the human and social cost of a military conflict and we trust that there will be a firm response from the European Union and the allied countries that will end the conflict as soon as possible. It is evident , and it has already been seen in some stock markets, that it will have important economic effects and consequences that even today cannot be estimated but that will weigh down the economic recovery”, consider the head of FEHM, María Frontera.

Before the war, FEHM had indicated that the sector estimated a trend of early opening of establishments for the months of February and March. Positive sensations were perceived that led them to estimate openings of around 26% in February and 42% accumulated in March.

“However, all this is likely to change at the expense of the consequences of Russia’s invasion of Ukraine that occurred this morning, the repercussions on the geopolitical framework and the effects on the economic recovery that may determine the future of the coming months,” the entity said in a statement.

On the other hand, the active companies have begun to make calls for discontinuous permanent workers and interviews in order to complete the organization of the workforce for the restart of activity.