The tourism recession caused by the epidemic will cost the global economy more than $4 trillion in 2020 and 2021, due to uneven vaccine promotion, according to a study released by the United Nations Conference on Trade and Development on Wednesday. Developing countries that rely heavily on international tourists will be hit.
Even if the international tourism industry in countries with high vaccination rates, such as the United States, the United Kingdom and France, rebounds in the second half of the year, losses this year could still reach $1.7 trillion to $2.4 trillion, the report said.
The study highlights the costly impact of inequalities in access to vaccines around the world. According to UNCTAD, developing countries may account for as much as 60 per cent of global GDP losses.
The report also shows that the global tourism crisis is far from over, and travel restrictions and bans are still in place in many areas with low vaccination rates. The study, carried out by UNCTAD in cooperation with the World Tourism Organization, says international tourism may not return to pre-epidemic levels until 2023.