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
Egypt receives $3.5 billion initial payment from Qatar-backed coastal project Deal targets Mediterranean real estate and tourism...
GTCO wins CBN and SEC approval for 10 billion naira private placement Fundraise aims to meet holding company prudential capital...
Togo parliament approves 2026 budget at 2,751.5 billion CFA francs Budget rises 12.93% from revised 2025 spending levels Measures include...
Creditinfo licensed to operate credit bureau across six CEMAC countries Bureau to collect borrower data, expand regional credit information...
Most Read
01

The BCID-AES launches with 500B CFA to fund Sahel infrastructure, asserting sovereignty from the B...

AES Launches Confederal Investment Bank: A Strategic Pivot Toward Sahelian Financial Sovereignty
02

Nomba brings Apple Pay to 300k Nigerian shops. Following Paystack, this "second row" move enables ...

Beyond Online Checkouts: Apple Pay Finds a Second Row into Nigeria via Nomba
03

Kenya shipped its first mango consignment to the UK on December 20 The move is part of a pilo...

Kenya targets UK market to boost mango exports
04

Kenya’s CMA licensed Safaricom and Airtel Money as Intermediary Service Platform Providers (ISPPs)...

Safaricom and Airtel Money Licensed to Facilitate Capital Markets Access in Kenya
05

NALA has secured PSP and PSO licenses from the Bank of Uganda, adding to its 2024 Money Remittance...

NALA Secures Triple Licensing in Uganda, Accelerating East African Fintech Expansion
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.