Home Uncategorized The drop in world tourism may cause a loss of $ 5.3 trillion in the world economy

The drop in world tourism may cause a loss of $ 5.3 trillion in the world economy

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The tourism decline caused by COVID-19 will cost the global economy more than $ 4 trillion ($ 5.3 trillion) by 2020 and 2021, far worse than anticipated as uneven vaccine deployment crushes countries. developing countries that rely heavily on international visitors.

This year’s losses alone could amount to $ 1.7 trillion to $ 2.4 trillion, even as international tourism recovers in the second half in countries like the United States, Britain and France, which have vaccination rates. higher, the United Nations Conference on Trade and Development said in a report.

The Eiffel Tower in Paris: the pandemic has cost the global tourism industry trillions of dollars.Credit:AP

The study highlights the costly impact of unequal access to vaccines around the world. Developing countries can account for up to 60 percent of the estimated losses in world gross domestic product, according to Unctad.

The report also shows that the tourism crisis is far from over, with travel restrictions and bans still in place in many regions with low vaccination rates.

The world may not see a return in pre-pandemic international tourist arrivals until 2023, according to the study, which was conducted in collaboration with the UN’s World Tourism Organization.

Charging

Countries like Thailand and Turkey, which depend on foreign tourists to boost their economies, were hit the hardest. The drop in tourism also threatens closely linked sectors such as food, beverages, retail, communications and transportation.

Overall, the decline in tourism has led to an average 5.5 percent increase in unskilled labor unemployment, affecting a sector that employs many women and young people.

“Tourism is a lifeline for millions, and promoting vaccination to protect communities and support the safe restart of tourism is critical to recovering jobs and generating much-needed resources, especially in developing countries,” said the Secretary General of the United Nations World Tourism Organization, Zurab Pololikashvili. .

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