skip to Main Content
Thailand Business News

Covid-19 wiped out USD 1.3 trillion in tourism revenues in 2020

Destinations worldwide welcomed 1 billion fewer international arrivals in 2020 than in the previous year, due to an unprecedented fall in demand and widespread travel restrictions. This compares with the 4% decline recorded during the 2009 global economic crisis.

According to the latest UNWTO World Tourism Barometer, the collapse in international travel represents an estimated loss of USD 1.3 trillion in export revenues – more than 11 times the loss recorded during the 2009 global economic crisis. The crisis has put between 100 and 120 million direct tourism jobs at risk, many of them in small and medium-sized enterprises.

Asia and the Pacific (-84%) – the first region to suffer the impact of the pandemic and the one with the highest level of travel restrictions currently in place – recorded the largest decrease in arrivals in 2020 (300 million fewer).

While much has been made in making safe international travel a possibility, we are aware that the crisis is far from over

Due to the evolving nature of the pandemic, many countries are now reintroducing stricter travel restrictions. These include mandatory testing, quarantines and in some cases a complete closure of borders, all weighing on the resumption of international travel.

At the same time, the gradual rollout of a COVID-19 vaccine is expected to help restore consumer confidence, contribute to the easing travel restrictions and slowly normalize travel during the year ahead.

UNWTO Secretary-General Zurab Pololikashvili said: “While much has been made in making safe international travel a possibility, we are aware that the crisis is far from over.

The harmonization, coordination and digitalization of COVID-19 travel-related risk reduction measures, including testing, tracing and vaccination certificates, are essential foundations to promote safe travel and prepare for the recovery of tourism once conditions allow.”

Recovery outlook remains cautious

The latest UNWTO Panel of Experts survey shows a mixed outlook for 2021. Almost half of respondents (45%) envisaged better prospects for 2021 compared to last year, while 25% expect a similar performance and 30% foresee a worsening of results in 2021.

The overall prospects of a rebound in 2021 seem to have worsened. 50% of respondents now expect a rebound to occur only in 2022 as compared to 21% in October 2020. The remaining half of respondents still see a potential rebound in 2021, though below the expectations shown in the October 2020 survey (79% expected recovery in 2021). 

As and when tourism does restart, the UNWTO Panel of Experts foresee growing demand for open-air and nature-based tourism activities, with domestic tourism and ‘slow travel’…

Source link : Covid-19 wiped out USD 1.3 trillion in tourism revenues in 2020 by Boris Sullivan

Thailand Business News

Thailand News with a Business Perspective

Back To Top
Cart
  • No products in the cart.