How the Tourism Sector in Emerging Markets is Recovering from COVID-19
Summary of Note 95, how the Tourism Sector in Emerging Markets is Recovering from COVID-19 Tourism is an important sector that accounts for 10 percent of global gross domestic product and one in every 10 jobs. As a result of COVID-19-related travel...
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| Format: | Brief |
| Language: | English |
| Published: |
International Finance Corporation, Washington, DC
2020
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| Subjects: | |
| Online Access: | http://documents.worldbank.org/curated/en/876631607060032023/How-the-Tourism-Sector-in-Emerging-Markets-is-Recovering-from-COVID-19 http://hdl.handle.net/10986/34901 |
| Summary: | Summary of Note 95, how the Tourism
Sector in Emerging Markets is Recovering from COVID-19
Tourism is an important sector that accounts for 10 percent
of global gross domestic product and one in every 10 jobs.
As a result of COVID-19-related travel restrictions, the
United Nations World Tourism Organization (UNWTO) has
estimated that international tourist arrivals in 2020 will
drop between 58 and 78 percent, which puts 100 to 120
million direct tourism jobs at risk. The effects of COVID-19
are felt throughout the extensive tourism value chain,
including airlines, hotels, restaurants, tour operators,
food suppliers, farmers, retailers, and a wide range of
other small and medium enterprises. Although all tourist
destinations strongly feel the impact from the
pandemic-related crisis, not all have the same
vulnerabilities or capacity to recover. This note explores
the factors in specific tourism destinations that contribute
to pandemic-related vulnerability, as well as the factors
that support the resilience of the tourism sector. Examining
all these factors together provides a snapshot of the
countries as well as the subsectors that are most likely to
recover first, as well as those that will require greater
support to weather and recover from the crisis. |
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