The coronavirus pandemic will lead to massive losses in the world’s tourism sector, which has been placed at a standstill for nearly four months, according to UNCTAD’s report, COVID-19 and tourism: Assessing the economic consequences, to be released on July 1, 2020.
The losses will rise significantly, dealing a huge blow to the global economy, if the break in international tourism lasts for a longer period. This could have a significant impact on employment and wages, particularly in economies heavily dependent on tourism.
Tourism is a backbone of many countries’ economies and a lifeline for millions of people around the world, having more than tripled in value from $490 billion to $1.6 trillion in the last 20 years, according to UNWTO. But COVID-19 has brought it to a halt, causing severe economic consequences globally.
Prevailing lockdown measures in some countries, travel restrictions, reductions in consumers’ disposable income and low confidence levels could significantly slow down the sector’s recovery. Even as tourism slowly restarts in an increasing number of countries, it remains at a standstill in many nations.
Below is the full report: