Public Management

International tourism suffers $80bln loss in Q1 2020 (UNWTO)

International tourism suffers $80bln loss in Q1 2020 (UNWTO)
Wednesday, 13 May 2020 15:13

Over the first quarter this year, international tourist arrivals dropped by 22% due to the coronavirus pandemic, the World Tourism Organization (UNWTO) reported. This resulted in a decrease of 67 million in international arrivals and about $80 billion in revenue. The most impacted regions are Asia and the Pacific with a drop of 33 million arrivals, and Europe with a drop of 22 million arrivals.

According to a survey conducted by the UNWTO Expert Group, the institution believes that global tourism has remained at a standstill since covid-19 put the whole world into lockdown. To date, 100% of the world's 217 destinations continue to apply travel restrictions, and 72% have completely closed their borders to international tourism.

Also, restrictions have been in place for at least three months in 25% of destinations, while 40% have been in place for at least two months. The survey also reveals that no destination has so far lifted or eased travel restrictions.

UNWTO found that 83% of destinations in Europe have decreed complete border closures for international tourism. This proportion is 80% in the Americas, 70% in Asia and the Pacific, 62% in the Middle East, and 57% in Africa.

In 2020, UNWTO notes that the outlook has been revised downwards several times since the outbreak of the pandemic and uncertainty continues to dominate. Current scenarios indicate a possible decline in arrivals from 58% to 78% for the year. However, these figures depend on the duration of travel restrictions and border closures.

In this regard, several exit scenarios have been established by the expert group, which indicates that the impact of the fall in demand for international travel could result in a drop from 850 million to 1.1 billion international tourists; a loss by $910 billion to $1.2 trillion in tourism export earnings; and the endangerment of 100 to 120 million direct jobs in tourism.

While indicating that this is by far the most serious crisis facing international tourism since 1950, the UNWTO Expert Group nevertheless expresses confidence in a rapid recovery of international demand. It expects to see signs of recovery in the last quarter of 2020, but especially in 2021.

Borgia Kobri

Additional Info

  • communiques: Non
  • couleur: N/A
On the same topic
EBRD, EU, GCF, and Canada plan €65 mln ($77 mln) green loan for Crédit du Maroc. Funds to support clean energy, water treatment, and sustainable...
World Bank projects Ivory Coast could achieve 7-8% average annual growth with fiscal mobilization above 15% of GDP. Ivory Coast's tax revenue...
• NSIF denies rumors of interest in buying Chococam, saying it is focused on other projects.• Cadyst Invest, linked to Célestin Tawamba, is rumored to...
• AXA sells 80% of AXA Crédit Morocco to Stellantis’ Fidis arm• Stellantis to offer bundled car sales, financing, and insurance• Move aligns with...
Most Read
01

From Dakar to Nairobi, Kampala to Abidjan, mobile money has become a lifeline for millions of Africa...

Africa's Boundless Future: How a simple mobile phone became a pocket bank for millions
02

• WAEMU posts 0.9% deflation in July, second month in a row• Food, hospitality prices drop; alcohol,...

WAEMU Region Records Second Straight Month of Deflation, at -0.9% in July 
03

Airtel Gabon, Moov sign deal to share telecom infrastructure Agreement aims to cut costs, boo...

Gabon’s Airtel, Moov to Share Towers Under Govt-Brokered Deal
04

Vision Invest invests $700m in Arise IIP, Africa’s largest private infrastructure deal in 202...

Saudi Arabia’s 2025 Shopping List Now Includes Industrial Parks in Africa — With a $700 Million Entry Ticket
05

Even though it remains the smallest "crypto-economy" in the world, sub-Saharan Africa shows that vir...

Sub-Saharan Africa Crypto Transactions Up 52% to $205B on Inflation, Inclusion Push
Enter your email to receive our newsletter

Ecofin Agency provides daily coverage of nine key African economic sectors: public management, finance, telecoms, agribusiness, mining, energy, transport, communication, and education.
It also designs and manages specialized media, both online and print, for African institutions and publishers.

SALES & ADVERTISING

regie@agenceecofin.com 
Tél: +41 22 301 96 11 
Mob: +41 78 699 13 72


EDITORIAL
redaction@agenceecofin.com

More information
Team
Publisher

ECOFIN AGENCY

Mediamania Sarl
Rue du Léman, 6
1201 Geneva
Switzerland

 

Ecofin Agency is a sector-focused economic news agency, founded in December 2010. Its web platform was launched in June 2011. ©Mediamania.

 
 

Please publish modules in offcanvas position.