Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere

By Manuela Goretti, Lamin Y Leigh, Aleksandra Babii, Serhan Cevik, Stella Kaendera, Dirk V Muir, Sanaa Nadeem, Gonzalo Salinas

February 19, 2021

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Manuela Goretti, Lamin Y Leigh, Aleksandra Babii, Serhan Cevik, Stella Kaendera, Dirk V Muir, Sanaa Nadeem, and Gonzalo Salinas. Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere, (USA: International Monetary Fund, 2021) accessed December 21, 2024

Disclaimer: The views expressed herein are those of the author(s) and do not necessarily represent the views of the IMF, its Executive Board, or IMF management.

Summary

This departmental paper analyzes 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. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.

Subject: Communicable diseases, COVID-19, Economic growth, Economic sectors, Exports, Health, International tourism, International trade, Job creation, Tourism

Keywords: Asia and Pacific, Caribbean, Communicable diseases, COVID-19, Diversification, Economies will, Exports, Global, Growth, Jobs, Pacific Islands, Spillovers, Tourism, Tourism dominance, Tourism export, Tourism flow, Tourism industry, Tourism model, Tourism sector, Western Hemisphere

Publication Details

Pages:

115
Volume:

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DOI:

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Issue:

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Series:

Departmental Paper No. 2021/002
Stock No:

TFOTPPWEA
ISBN:

9781513561905
ISSN:

2616-5333

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