Al Arabia Tourism: Global tourism revenue should decline by 68% and the Arab world by 69%

And the losses could reach 474 billion dollars globally and 28 billion Arab dollars
In collaboration between the Arab Tourism Organization and the Arab Air Transport Association, the fifth report on the effects of the Corona pandemic on the tourism and travel sectors was published, comprising 3 main axes, namely
The impact of the spread of the Corona epidemic on the economy, tourism and travel, the basic principles for reviving tourism and travel, restoring the confidence of travelers and tourists, and the role of technology in reviving tourism and travel.

Arab Tourism Organization President Dr Bandar bin Fahd Al Fahid said the tourism movement has experienced a more-than-expected global decline during the first half of 2020, compared to the same period in 2019, so we expect that the number of international tourists will contract by 64.7% in 2020. Compared to 2019.

Al Fahid explained that this is 6.7% lower than the expectations of the rapid recovery scenario that was previously released last May, indicating that the number of arriving international tourists could reach 516 million tourists by end of 2020, and in line with that, the numbers of international tourists have been revised with Adjusting our estimates of international tourism revenues, which resulted in a decrease of 68%, compared between 2020 and 2019, causing losses of 474 billions of dollars, which will lead to a decrease in the economic multiplier of the tourism sector in the economy as a whole, especially in developing countries that are heavily dependent on tourism as a source of income and national production. Job opportunities and results, indicating that a decrease in investment related to tourism and travel is expected to be around 73% in 2020 compared to 2019.

He added that tourism revenue in the Arab world is expected to contract by 69.1% in 2020 compared to 2019, causing losses of up to US $ 28 billion, which will lead to a sharp decline in tourism movement in the region, which will affect many sectors. , including Retail, Food and Beverage, Hospitality and Financial Services, which will result in the loss of many jobs operating in this important sector.

Al-Fahid added that based on the organization’s previous report that the tourism and travel industry will return to its levels in 2019 if the rapid recovery scenario is reached in 2024, but if it is not achieved and the pandemic occurs. intensifies, bad debts will continue for all sectors, which will result in following the slow recovery scenario, which clarifies that Tourism will return to the levels of 2019 in 2027.