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
(MCB) - The Mauritius Commercial Bank Limited (“MCB”) has successfully granted a strategic financing package to Invictus Investment Company PLC (ADX:...
Burkina Faso restructures public funds into four targeted financing mechanisms New funds aim to streamline spending, improve oversight, and reduce...
Zenith Bank explores East African expansion, holds talks with regulators Denies reports of confirmed Paramount Bank acquisition in...
Cameroon backed $44.9M in BDEAC loans to three private firms Treasury guarantees cover 50% of loans for hotel, plant, logistics projects...
Most Read
01

MTN Innovation Lab hosts Africa HealthTech Export 2025 Bootcamp in Cotonou Event targets s...

Africa HealthTech Bootcamp Opens in Benin With Focus on Regulation and Startup Growth
02

Public Eye claims over 90% of Cerelac samples in Africa contain added sugar, averaging 6 g per por...

Nestlé Faces New Claims of Excess Sugar in African Baby Cereals
03

China says Premier Li Qiang will attend instead of President Xi Jinping The U.S. and Russia also ...

South Africa Loses More Support as Xi Jinping Also Skips the G20 Summit
04

Carlyle is assessing whether it can buy Lukoil’s foreign assets worth about $22 billion. The...

Carlyle Reviews Deal for Lukoil’s $22 Billion Overseas Assets
05

Niger installs 1,031 km of fiber across five national corridors Project aims to connect with Beni...

Niger Completes 1,031 km of Fiber Optic Backbone to Link With Neighbors
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.