COVID-19 impact on tourism: Global economy could lose over $4 trillion

Economic losses are mounting in developing countries due to the absence of widespread COVID-19 vaccinations. According to UNCTAD

Economic losses are mounting in developing countries due to the absence of widespread COVID-19 vaccinations.

The estimated loss has been caused by the pandemic’s direct impact on tourism and its ripple effect on other sectors closely linked to it.The report, jointly presented with the UN World Tourism Organisation , says international tourism and its closely linked sectors suffered an estimated loss of $2.4 trillion in 2020 due to direct and indirect impacts of a steep drop in international tourist arrivals.

“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.

According to the report, the asymmetric roll-out of vaccines magnifies the economic blow tourism has suffered in developing countries, as they could account for up to 60 per cent of the global GDP losses. Meanwhile, the tourism sector is expected to recover faster in countries with high vaccination rates, such as France, Germany, Switzerland, the United Kingdom and the United States, the report says.

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

GuardianNigeria /  🏆 1. in NG

Nigeria Latest News, Nigeria Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

COVID-19: Nigeria Records Confirmed Case Of Delta Variant - NCDCThe Nigeria Centre for Disease Control (NCDC) has confirmed a case of SARS-CoV-2 Delta variant (lineage B.1.617.2.) in Nigeria. The NCDC, in a statement
Read more »

COVID-19: Nigeria records first case of 'most transmissible' delta variantThe variant was detected in a traveler to Nigeria, following the routine travel test required of all international travelers and genomic...
Read more »

Closing The COVID-19 Vaccination Gap in NigeriaAliyu Kwaifa is an Editor at the Daily Trust Newspaper.
Read more »

COVID-19: Worst yet to come for Africa, says WHO - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »

[BREAKING] COVID-19: NCDC confirms deadly Delta variant in Nigeria - Punch NewspapersThe most widely read newspaper in Nigeria
Read more »