What I Learned This Week

Tourism is an $8.8 trillion industry that accounts for 10% of global employment. Is a global recession inevitable as COVID-19 grinds travel to a halt?

As we wrote in WATMTU March 01, 2020, do not underestimate the long-term impact of the coronavirus. The most obvious consequence is a global decline in tourism. On Sunday, the Louvre in Paris closed its doors indefinitely. Then on Monday, the EU commissioner for internal markets stated that the financial toll of the virus on European tourism now sits at $1.1 billion per month. Asian nations are suffering even more. Landmarks from China’s Great Wall to Tokyo’s Disneyland, Bangkok’s Grand Palace, South Korea’s Gyeongbokgung Palace, and Vietnam’s Ho Chi Minh Mausoleum are now virtually or entirely abandoned. One of the world’s largest economic sectors, tourism directly supports 319 million job…

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