The crisis in the tourism sector could cost the world economy 3.3 trillion euros / Article

The economic impact on the tourism industry caused by the Covid-19 pandemic could reach a total of four trillion US dollars (3.3 trillion euros). This is evidenced by the latest report from the World Tourism Organization and the UN Conference on Trade and Development.

One of the findings is that the lack of vaccination programs in developing countries, where tourism revenues are particularly significant, causes significant economic losses. Without an extensive vaccination program, millions of people will not be able to return to work and thus earn an income.

Due to the pandemic, international air travel was almost completely suspended last year, causing more than two and a half trillion euros in losses to the tourism industry and related sectors. Similar losses could occur this year, but will depend on the distribution of Covid-19 vaccines.

The World Tourism Organization points outthat the damage to the economy is several times greater than the direct damage to the tourism industry caused by the Covid-19 pandemic.

In Turkey, for example, international tourism accounts for 5% of GDP, but in 2020 the number of international tourists has fallen by 69%.

The direct damage to the tourism industry was $ 33 billion, but the tourism crisis also affected other sectors: food and drink, transport, retail and communications. As a result, the total loss to the economy reached $ 93 billion, or 9% of GDP.

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