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International tourism slump may cause $4 trillion loss to global economy, says UNCTAD report
![International tourism slump may cause $4 trillion loss to global economy, says UNCTAD report]()
Nations including Turkey and Ecuador will be among the hardest hit by the severe disruption to international tourism, with holiday favourites such as Spain, Greece and Portugal also badly affected. International tourism slump may cause $4 trillion loss to global economy, says UNCTAD report
Nations including Turkey and Ecuador will be among the hardest hit by the severe disruption to international tourism, with holiday favourites such as Spain, Greece and Portugal also badly affected.
The tourism sector is projected to recover faster in countries with high vaccination rates such as the UK, US, France, Switzerland, and Germany, the report states.
The report, jointly presented by UNCTAD and the UN World Tourism Organisation (UNWTO), states that international tourism and its closely allied sectors suffered an approximate loss of $2.4 trillion in 2020
The downturn in international tourism due to the COVID-19 pandemic will cost the global economy over $4 trillion for the years 2020 and 2021, according to a UNCTAD report published on Wednesday.
The approximate loss has been caused by the COVID-19 pandemic's direct impact on global tourism and its domino effect on other sectors closely associated with it.
The report, jointly presented by UNCTAD and the UN World Tourism Organisation (UNWTO), states that international tourism and its closely allied sectors suffered an approximate loss of $2.4 trillion in 2020 owing to direct and indirect impacts of a steep decline in international tourist arrivals.
The report further warns that a similar loss may happen this year, adding that the tourism sector's revival will hinge upon the uptake of coronavirus vaccines worldwide.
"The world needs a global vaccination effort that will protect workers, mitigate adverse social effects and make strategic decisions regarding tourism, taking potential structural changes into account," UNCTAD Acting Secretary-General Isabelle Durant said.
The report adds that with COVID-19 vaccinations being more pronounced in some countries than others, tourism losses are mitigated in most developed nations but exacerbated in developing countries.
Coronavirus vaccination rates are lopsided across nations, ranging from below 1 per cent of the population in some countries to over 60 per cent in others.
