SOCIO-ECONOMIC EFFECTS OF COVID-19 ON TOURISM: COMPARATIVE ANALYZES AND RESPONSE POLICIES
Autor (i): Mariana Bălan
JEL: L83, Z32, Z38
Cuvinte cheie: COVID-19, tourism, economic impact, health crisis, social reactions, unemployment
Abstract:
The COVID-19 pandemic has caused significant disruption to the global economy. By the end of the first quarter of 2020, the COVID-19 pandemic had abruptly stopped international travel and had a significant impact on the tourism industry. Tourism is an important sector of the international economy, accounting for 10.3% of global GDP, 29% of world exports of services and about 300 million jobs globally in 2019. It is also an important source of income and employment for developed and developing countries. By October 2020, COVID19 had infected more than 39.6 million people and caused the death of more than 1,108,000 worldwide, and globally the spread shows no signs of reduction. In this context, it is estimated that international tourist arrivals will fall by 60 to 80% in 2020, tourism spending will not return to the levels before the crisis by 2024 and more than 120 million jobs are in danger of being lost. The paper presents a brief comparative analysis of the potential economic and social effects of tourism stopping, in the short and medium term, in the main tourist destinations, as well as in those countries highly dependent on tourism (as a share of GDP).
The COVID-19 pandemic has caused significant disruption to the global economy. By the end of the first quarter of 2020, the COVID-19 pandemic had abruptly stopped international travel and had a significant impact on the tourism industry. Tourism is an important sector of the international economy, accounting for 10.3% of global GDP, 29% of world exports of services and about 300 million jobs globally in 2019. It is also an important source of income and employment for developed and developing countries. By October 2020, COVID19 had infected more than 39.6 million people and caused the death of more than 1,108,000 worldwide, and globally the spread shows no signs of reduction. In this context, it is estimated that international tourist arrivals will fall by 60 to 80% in 2020, tourism spending will not return to the levels before the crisis by 2024 and more than 120 million jobs are in danger of being lost. The paper presents a brief comparative analysis of the potential economic and social effects of tourism stopping, in the short and medium term, in the main tourist destinations, as well as in those countries highly dependent on tourism (as a share of GDP).
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