| | FEBRUARY 20249IN FOCUSAccor, the leading French hospitality giant, has extended its collaboration with Qualmark as part of its initiative to certify all its hotels, resorts, and apartments across New Zealand as Gold Standard Sustainable Tourism Businesses. Qualmark, a prominent New Zealand quality assurance organization with three decades of experience, assesses sustainability standards across five pillars: business systems, environment, people, community and culture, and health and safety.Qualmark's certification criteria recently achieved recognition from the Global Sustainable Tourism Council (GSTC), becoming the first in New Zealand with this status. This accreditation ensures that Qualmark certification aligns with global sustainability standards, providing travelers with a globally recognized assurance of eco-friendly practices.Accor is working globally to support its 5,500 hotels in obtaining external sustainable certifications. Through both global and local partnerships, the company aims to have 100% of its network eco-certified by 2026. In the Pacific region, Accor's hotels are already accredited by Qualmark, and the focus now is on achieving gold accreditation under the new GSTC-aligned standards.Adrian Williams, Accor Pacific Chief Operating Officer PM&E, emphasized the fundamental role of sustainability in the business, outlining the commitment to shaping the future of tourism in New Zealand. Accor's sustainability efforts include actions such as removing single-use plastic items in collaboration with hotel owners, with a future focus on food waste, water usage, eco-certification, and diversity and inclusion. The company acknowledges the ongoing journey toward sustainability and remains dedicated to driving meaningful actions. Japan has slipped to the fourth-largest economy globally, falling behind Germany in 2023. Japan's nominal GDP was $4.2 trillion, while Germany's stood at $4.4 trillion. The Japanese economy contracted 0.4 percent in the October-December quarter, marking two consecutive quarters of shrinkage and hinting at a technical recession. The unexpected downturn challenges earlier expectations of over 1 percent GDP growth in Q4. Furthermore, the International Monetary Fund (IMF) had previously forecasted Germany overtaking Japan as the world's third-largest economy, with the final ranking to be confirmed upon the publication of their respective economic growth figures. The decline is partly attributed to the yen's 9 percent fall against the US dollar in 2023, impacting Japan's GDP in dollar terms. However, the yen's weakness has benefited Japanese exports by making them more competitively priced.Despite economic challenges, Tokyo's stock market, Nikkei 225, recently crossed 38,000, reaching levels not seen since 1990. The IMF's deputy head highlighted the currency factor and suggested a potential recovery in the yen could alter the ranking. JAPAN SECURES TO FOURTH-LARGEST ECONOMY AS GERMANY SECURES THIRD SPOT IN 2023ACCOR EXPANDS PARTNERSHIP WITH QUALMARK FOR SUSTAINABLE TOURISM
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