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Friday, March 29, 2024

Covid-19 Causes Massive Losses In Global Tourism Sector

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 today.

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.

Journalists with access to the UNCTAD virtual newsroom may download the press release and the new UNCTAD report.

Access to the virtual newsroom requires a password. To obtain one, please fill out this online form.

After the lifting of the embargo, documents related to the report will be available on the main UNCTAD website.

For further information or to request interviews with UNCTAD experts, please contact the UNCTAD Press Office (+41 22 917 5549/8038, unctadpress@unctad.org).

Contacts: UNCTAD Communications and External Relations Section, +41 22 917 58 28, unctadpress@unctad.org, http://unctad.org/press

To receive our press material, please register at: http://unctad.org/en/Pages/RegisterJournalist.aspx.

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