Global tourism not seen rebounding till 2023, Covid-19 losses could top US$4 trillion: UN, Economy News & Top Stories

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GENEVA (REUTERS, AFP) – International tourism arrivals are set to stagnate this year amid the lack of widespread vaccination in developing countries, causing up to US$2.4 trillion (S$3.2 trillion) in losses, a United Nations study said on Wednesday (June 30), adding the sector is not expected to rebound fully until 2023.

The joint report by the UN’s World Tourism Organization (UNWTO) and Conference on Trade and Development (Unctad) said the economic impact from the plunge in tourism since the Covid-19 pandemic emerged last year could top US$4 trillion.

Covid-19 vaccination and certificates are key to restoring confidence in foreign tourism, which provides a lifeline for many countries, especially small island states that rely heavily on the sector to provide jobs, it said.

In 2020, international arrivals plunged by 73 per cent from pre-pandemic levels in 2019, causing estimated losses of US$2.4 trillion in tourism and related sectors, according to the report.

“The outlook for this year doesn’t look much better,” Ralf Peters of Unctad’s trade analysis branch, told a news conference.

“The first three months were again bad, there was not much travelling happening,” he said.

“There is an expectation of a certain recovery in the second half of the year, at least for North America and Europe to a certain extent,” he told Reuters, crediting vaccinations.

The report sets out three scenarios for 2021, showing international tourism arrivals forecast to drop by between 63 per cent and 75 per cent from pre-pandemic levels, resulting in losses of between US$1.7 trillion and US$2.4 trillion.

“In international tourism we are at levels of 30 years ago, so basically we are in the ’80s … Many livelihoods are really at threat,” said Zoritsa Urosevic, Geneva representative of the Madrid-based UNWTO.

“What we are looking at in the long run is…meeting the 2019 numbers after 2023,” she said.

Sandra Carvao, chief of market intelligence at UNWTO, said that it would be a “very diverse recovery”, varying by region and by country.

The European Union’s digital Covid-19 certificate, due to come into force on Thursday, represents the only regional harmonisation to date, she said.

Ms Carvao, referring to travel corridors, said: “We see for example Asia-Pacific is still one of the most closed regions in the world at this moment – most of the borders in the countries are either totally closed or with significant restrictions.”



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Janice Hillhttps://politicsay.co.uk
Janice founded PoliticSay with an aim to bring relevant and unaltered news to the general public with a specific viewpoint for each story catered by the team. She is a proficient journalist who holds a reputable portfolio with proficiency in content analysis and research. With ample knowledge about the business industry, Janice also contributes her knowledge to the business section of the website. Janice@britmedia360.co.uk
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