Covid Tourism Freeze Could Cost Global Economy $ 4 Billion By Year End | Travel & Leisure
The cost to the global economy of the tourism freeze caused by Covid-19 could reach $ 4 billion (£ 2.9 billion) by the end of this year, a United Nations body has said, with the variable pace of vaccine deployments at cost to developing countries and tourists. particularly expensive centers.
Countries including Turkey and Ecuador will be among the hardest hit by severe disruptions to international tourism, with holiday favorites like Spain, Greece and Portugal also hit hard. Losses from the pandemic have reached as much as $ 2.4 billion this year alone, according to a report by the United Nations Conference on Trade and Development (UNCTAD).
The potential loss of tourism-related income in 2021 alone is equivalent to the effect of cutting the UK economy by 85%, while the losses projected to 2020 and 2021 could amount to pulling Germany out of the economy. global for two years.
UNCTAD said developing countries were likely to suffer the most this year, with countries heavily dependent on tourism such as Spain, Greece and Portugal benefiting from rapid vaccine rollouts in stronger economies.