In 2020-2022, tourism encountered $2.6 trillion loss

Thursday, September 21, 2023

During pandemic, tourism was one of the most badly impacted sectors and in terms of export revenues, it lost almost $2.6 trillion, which in 2019 this figure was one and a half times what it earned, as per the latest report by a United Nations’ body.

Of late, the UN World Tourism Organization published a report on international tourism, by keeping a track at the effect on tourism to 2022 from 2020. International Tourism Highlights, 2023 Edition was released September 7, 2023.

 
In 2019, international arrivals of the tourist or overnight visitors had reached 1.5 billion and in 2020 it dropped to 400 million, it was a 72 per cent slump in just one year. This caused a billion fewer tourists from abroad due to lockdowns in every country, extensive travel restrictions, and a decline in the visitor demand, the report said.

In 2020, export revenues declined to as low as 62 per cent of the levels of pre- pandemic times, which caused losses of $1.1 trillion. In international trade, this drop accounted for 44 per cent of the global loss on that year. This enormous slump far outweighed the 4 per cent decline during the world financial crisis in 2009, as per the report of UNWTO reported.

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