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Global/International Travel – The COVID-19 travel shock hit tourism-dependent economies hard (Brookings)

export of services

Gian Maria Milesi-Ferretti

The COVID crisis has led to a collapse in international travel. According to the World Tourism Organization, international tourist arrivals declined globally by 73 percent in 2020, with 1 billion fewer travelers compared to 2019, putting in jeopardy between 100 and 120 million direct tourism jobs. This has led to massive losses in international revenues for tourism-dependent economies: specifically, a collapse in exports of travel services (money spent by nonresident visitors in a country) and a decline in exports of transport services (such as airline revenues from tickets sold to nonresidents).

The COVID-19 travel shock hit tourism-dependent economies hard (brookings.edu)