Worldwide tourism tipped to lose TRILLIONS this 12 months as pandemic devastation continues

The Collapse of international tourism due to the coronavirus pandemic, the global economy could cost up to $ 2.4 trillion this year as the uneven introduction of vaccines devastated Developing countries who are heavily dependent on foreign visitors.

In one report Released on Wednesday, the United Nations Conference on Trade and Development (UNCTAD) said that even with a greater proportion of the world’s population vaccinated, The economic impact of the pandemic on tourism turns out to be heavier than his worst-case predictions 12 months ago.

The study shows how expensive Vaccine inequality will affect the global economy, with losses in tourism ranging from $ 1.7 trillion (A $ 2.27) to $ 2.4 trillion (A $ 3.21) this year alone, despite an expected recovery in tourist traffic in countries such as France, Germany, the United Kingdom and the United States.

Developing countries could account for up to 60 percent of global GDP losses, or up to $ 1.4 trillion, this year, according to the report, which was co-produced with the United Nations World Tourism Organization (UNWTO).

The slump in tourism could cost the global economy as much as $ 4.8 trillion ($ 6.41) in 2020 and 2021 and a blow of $ 2.9 trillion ($ 3.88 trillion) to poorer countries ) offset.

The collapse in international tourism due to the coronavirus pandemic could cost the global economy as much as $ 2.4 trillion this year as the uneven adoption of vaccines devastates developing countries that are heavily dependent on foreign visitors. Image credit: 7NEWS

The analysis takes into account losses for industries supplying food, drink, accommodation and transportation to the tourism sector, but does not take into account any stimulus packages that could mitigate the effects of the pandemic.

“Developing countries have borne the greatest burden of the pandemic’s impact on tourism,” UNCTAD said in a statement. “They suffered the biggest drops in tourist arrivals in 2020, estimated at 60 to 80 percent.”

Despite the easing of the lockdowns and an increase in tourist traffic in some parts of the world, the tourism crisis is far from over. Half of the experts surveyed by the UNWTO assume that international tourism will not return to 2019 levels until 2024 or later.

Just 10 percent of the world population is fully vaccinated, according to Our World in Data.

Even in countries with high vaccination rates like the UK, travel restrictions remain due to concerns about one Tip in cases driven by the highly transferable Delta variant. For countries with far fewer people vaccinated – mostly poorer countries – the outlook is much worse.

Despite the easing of the lockdowns and an increase in tourist traffic in some parts of the world, the tourism crisis is far from over. Photo credit: 7NEWS Digital

UNCTAD predicts a 75 percent decrease in tourist arrivals in countries with low vaccination rates this year, compared to a 37 percent decrease in countries where more than 50 percent of the population is vaccinated.

Countries like Turkey, Ecuador and South Africa, as well as islands like the Maldives and St. Lucia, will bear the brunt of the impact. Large parts of Asia and Oceania are also badly affected, while North America, Western Europe and the Caribbean are the least affected, according to the report.

Overall, the crash in tourism is expected to increase unemployment for unskilled workers by an average of 5.5 percent. The UNWTO estimates that between 100 million and 120 million direct tourism jobs are at stake, many for young people, women and informal workers.

“Tourism is a lifeline for millions, and promoting vaccination to protect communities and support the safe restart of tourism is critical to restoring jobs and creating much-needed resources, especially in developing countries,” said UNWTO Secretary General Zurab Pololikashvili in a statement.

The main obstacle to tourism recovery, according to the report, is the uneven availability of vaccines and the low number of vaccinees in many countries. Travel restrictions, slow containment of the virus, traveler confidence and a bad economic environment are also obstacles.

To get people back to travel, countries should better coordinate travel requirements and make travel easier by, for example, agreeing common standards for cheap and reliable coronavirus testing.