Coronavirus pandemic could cost global tourism $2T this year

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The coronavirus pandemic will likely cost the global tourism sector $2 trillion in lost revenue in 2021, the UN’s tourism body said Monday, calling the sector’s recovery “fragile” and “slow.”

According to the latest forecast by the United Nations World Tourism Organization (UNWTO), the same amount was lost in 2020, making it one of the sectors hit hardest by the health crisis.

The Caribbean had the highest results of any of the subregions defined by the UNWTO, with arrivals up 55 per cent compared to 2020.

Despite recent improvements, the report warned that demand for travel could be further affected by “uneven vaccination rates around the world and new COVID-19 strains which had prompted new travel restrictions in some countries.

In the past few days, the emergence of the Omicron variant has led dozens of countries to reinstate restrictions on arrivals, or to delay relaxation in COVID-19 travel and testing rules, leading to wide uncertainty for holiday season travellers worldwide.

Spikes in oil prices and the disruption of global supply chains have also had an effect. According to the latest UNWTO data, international tourist arrivals are expected to remain 70-75 per cent below 2019 levels in 2021, a similar decline as in 2020.

Read more at: United Nations News

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