EU TOURISM INDUSTRY UNDER THE IMPACT OF THE CRISIS - IMPACT, MEASURES, VULNERABILITY
Autor (i): Daniel Bulin
JEL: L83, F01, L88
Cuvinte cheie: tourism industry, EU, quantitative analysis, policy measures.
Abstract:
The economic and social risks caused by the current economic and sanitary crisis are manifested on tourism on several levels: domestic and international tourism market (declining demand and, by induced effect, supply, tourist flows and exports), labor market (unemployment, vulnerable categories), structural issues (SMEs share in sector, tourism role for some communities and regions), quality of life (incomes, access to tourism). All these implications make the economic and social impact assessments difficult, and the uncertainty regarding the ‘back to normal’ time horizon shows the complexity of the prognosis. Based by the macroeconomic tourism and demand-side indicators, this article aims to analyse the evolution of tourism in the EU under the impact of the pandemic and assess the vulnerability of the tourism sector in member countries in terms of pre-pandemic levels of economic impact (GDP, labor market, multiplier effect, dependence on tourist exports). The paper also summarizes the main categories of fiscal and financial measures taken by policy makers since March 2020 that have generally aimed at ensuring the liquidity of SMEs and protecting jobs in the most affected sectors.
The economic and social risks caused by the current economic and sanitary crisis are manifested on tourism on several levels: domestic and international tourism market (declining demand and, by induced effect, supply, tourist flows and exports), labor market (unemployment, vulnerable categories), structural issues (SMEs share in sector, tourism role for some communities and regions), quality of life (incomes, access to tourism). All these implications make the economic and social impact assessments difficult, and the uncertainty regarding the ‘back to normal’ time horizon shows the complexity of the prognosis. Based by the macroeconomic tourism and demand-side indicators, this article aims to analyse the evolution of tourism in the EU under the impact of the pandemic and assess the vulnerability of the tourism sector in member countries in terms of pre-pandemic levels of economic impact (GDP, labor market, multiplier effect, dependence on tourist exports). The paper also summarizes the main categories of fiscal and financial measures taken by policy makers since March 2020 that have generally aimed at ensuring the liquidity of SMEs and protecting jobs in the most affected sectors.
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