International tourism to recover by second half of 2021 , $320 billion loss between January-May this year
Travel Biz News —
The coronavirus pandemic cost $320 billion to the global tourism industry in lost revenue between January and May 2020.
According to the latest edition of the UNWTO World Tourism Barometer, the near-complete lockdown imposed in response to the pandemic led to a 98 per cent fall in international tourist numbers in May when compared to 2019.
The Barometer also shows a 56% year-on-year drop in tourist arrivals between January and May. This translates into a fall of 300 million tourists and US$320 billion lost in international tourism receipts – more than three times the loss during the Global Economic Crisis of 2009.
UNWTO also notes signs of a gradual and cautious change in trend, most notably in the Northern Hemisphere and particularly following the opening of borders across the Schengen Zone of the European Union on 1 July.
Most members of the UNWTO Panel of Tourism Experts expect international tourism to recover by the second half of 2021, followed by those who expect a rebound in the first part of next year.
“ The group of global experts points to a series of downside risks such as travel restrictions and border shutdowns still in place in most destinations, major outbound markets such as the United States and China being at standstill, safety concerns associated with travel, the resurgence of the virus and risks of new lockdowns or curfews. Furthermore, concerns over a lack of reliable information and a deteriorating economic environment are indicated as factors weighing on consumer confidence, “ UNWTO said.
July 28 , 2020
