Saturday, February 11, 2023
Travel-industry watchers are eyeing how the end of China’s Covid zero restrictions will impact key tourism hubs that have struggled during the pandemic.
In 2019, Chinese travelers constituted the world’s largest share of outbound tourists and contributed some $250 billion to the global economy.
This year, with China opening its borders, Chinese travelers are projected to take 110 million international trips. This is equal to about two-thirds of pre-pandemic levels, as per the China Outbound Tourism Research Institute.
A Chinese travel rebound is also good news for emerging markets. That’s especially true a time when the International Monetary Fund estimates some 60% of low-income developing countries are already at high risk of or in debt distress.
The impact of the Chinese Lunar New Year holiday is already beginning to surface. Proving this is revenue surge in gaming in Macau’s in January.
The United Nations’ World Tourism Organization estimates that by the end of 2022, international tourism recovered 63 percent of its pre-pandemic levels. Prior to the pandemic, travel and tourism was valued at $9.6 trillion which is 11 percent of total global GDP. Tourism also accounted for one fourth of all new jobs created across the world.
The sector is worth paying attention to because it’s an important bellwether for the health of the global economy.
Tags: Chinese travelers, Tourism
Saturday, April 27, 2024
