Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere
Departmental Papers, February 19, 2021
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Bibliographic details
- Authors: Manuela Goretti, Lamin Y Leigh, Aleksandra Babii, Serhan Cevik, Stella Kaendera, Dirk V Muir, Sanaa Nadeem, Gonzalo Salinas
- Published: February 19, 2021
- Series: Departmental Papers
- DOI: https://doi.org/10.5089/9781513561905.087
Overview
- Departmental paper analyzing the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries.
- Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism.
- Publication date: February 19, 2021.
- Authors: Manuela Goretti, Lamin Y Leigh, Aleksandra Babii, Serhan Cevik, Stella Kaendera, Dirk V Muir, Sanaa Nadeem, Gonzalo Salinas.
Key findings
- The impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.
- Tourism-dependent economies were especially vulnerable at the onset of the COVID-19 pandemic because of:
- limited fiscal space;
- inadequate external buffers;
- foreign exchange revenues extremely concentrated in tourism.
Empirical approach
- The analysis leverages an augmented gravity model to draw lessons from past epidemics and assess impacts on tourism flows.
Regional vulnerabilities and focus
- Regions covered:
- Asia Pacific;
- Latin America;
- Caribbean countries;
- Small states in the Pacific and the Caribbean highlighted as particularly vulnerable.
- Subject areas emphasized: Communicable diseases, COVID-19, Economic growth, Economic sectors, Exports, Health, International tourism, International trade, Job creation, Tourism.
Policy implications and considerations (as emphasized by the paper)
- Need to account for high exposure of foreign exchange revenues to tourism in policy design for pandemic resilience.
- Importance of strengthening fiscal space and external buffers in tourism-dependent economies.
- Lessons from past epidemics should inform policies to mitigate disproportionate impacts on developing countries’ tourism flows.
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