Global tourism revenues are expected to fall by up to US$3.3 trillion due to Covid-19 restrictions, with Thailand standing to lose $47 billion, according to a UN study published on Wednesday.
The ‘Covid-19 and Tourism’ report released by the United Nations Conference on Trade and Development (Unctad) is based on three scenarios for the industry, with lockdown measures lasting 4 months, 8 months and 12 months.
In those scenarios, revenues would fall $1.17 trillion, $2.22 trillion and $3.3 trillion respectively or between 1.5-4.2% of the world’s gross domestic product (GDP).
The report did not say which scenario was most likely, although an Unctad official said the middle scenario “could be a realistic one”.
“International tourism has been almost totally suspended, and domestic tourism curtailed by lockdown conditions imposed in many countries,” the report said.
“Although some destinations have started slowly to open up, many are afraid of international travel or cannot afford it due to the economic crisis.”
Thailand and France stand to lose approximately $47 billion each, according to the reprot.
The United States incurs the highest losses in all three scenarios, with a $187 billion drop in the one lasting just four months, followed by China with $105 billion.
Read the full article at Bangkok Post: https://www.bangkokpost.com/business/1944592/tourism-in-thailand-stands-to-lose-up-to-47bn-from-covid-19-unctad-study?fbclid=IwAR0bvWF_WMGuoemRGJ2gn9JtdLZfX7cugPsIemgUSm8wi3l879ppGW_QJMY