IMPORTANT NOTICE | Mayberry Investments Limited is a cashless institution.

Mayberry Investments Limited is a cashless institution.
Please note that cash deposits into any Mayberry account held at commercial banks, whether made in-branch or via Automated Banking Machines (ABMs), are not accepted and will not be processed. For information on accepted payment methods, please contact your Investment Advisor.

Coronavirus Pandemic Could Cost Global Tourism $2 Trillion This Year

December 1, 2021

The coronavirus pandemic will likely cost the global tourism sector $2 trillion in lost revenue in 2021, the UN’s tourism body said, calling the sector’s recovery “fragile” and “slow.”

According to the latest forecast by the United Nations World Tourism Organization (UNWTO), the same amount was lost in 2020, making it one of the sectors hit hardest by the health crisis. Despite recent improvements, the report warned that demand for travel could be further affected by “uneven vaccination rates around the world and new COVID-19 strains which had prompted new travel restrictions in some countries.

In the past few days, the emergence of the Omicron variant has led dozens of countries to reinstate restrictions on arrivals, or to delay relaxation in COVID-19 travel and testing rules, leading to wide uncertainty for holiday season travellers worldwide.

Spikes in oil prices and the disruption of global supply chains have also had an effect. According to the latest UNWTO data, international tourist arrivals are expected to remain 70-75 per cent below 2019 levels in 2021, a similar decline as in 2020.

“Data for the third quarter of 2021 is encouraging,” UNWTO Secretary-General Zurab Pololikashvili said. “However, arrivals are still 76 per cent below pre-pandemic levels and results across the different global regions remain uneven.”

In light of the rising cases and the emergence of new variants, he added that “we cannot let our guard down and need to continue our efforts to ensure equal access to vaccinations, coordinate travel procedures, make use of digital vaccination certificates to facilitate mobility, and continue to support the sector.”

Uneven Recovery

Despite the improvement seen in the third quarter of the year, the pace of recovery remains slow and uneven across world regions.

In some sub-regions, such as Southern and Mediterranean Europe, the Caribbean, North and Central America, arrivals actually rose above 2020 levels in the first nine months of 2021.

However, arrivals in Asia and the Pacific were down by as much as 95 per cent when compared with 2019, as many destinations remained closed to non-essential travel. Africa and the Middle East recorded 74 per cent and 81 per cent drops respectively in the third quarter compared to 2019. Among the larger destinations, Croatia, Mexico and Turkey showed the strongest recovery in the period of July to September.

Caribbean Rebound

The Caribbean had the highest results of any of the subregions defined by the UNWTO, with arrivals up 55 per cent compared to 2020.

International tourist arrivals “rebounded” during the summer season in the Northern Hemisphere thanks to increased travel confidence, rapid vaccination and the easing of entry restrictions in many nations.

In Europe, the EU Digital Covid Certificate has helped facilitate free movement within the European Union, the report added.

 

Disclaimer:

Analyst Certification -The views expressed in this research report accurately reflect the personal views of Mayberry Investments Limited Research Department about those issuer (s) or securities as at the date of this report. Each research analyst (s) also certify that no part of their compensation was, is, or will be, directly or indirectly, related to the specific recommendation(s) or view (s) expressed by that research analyst in this research report.

Company Disclosure -The information contained herein has been obtained from sources believed to be reliable, however its accuracy and completeness cannot be guaranteed. You are hereby notified that any disclosure, copying, distribution or taking any action in reliance on the contents of this information is strictly prohibited and may be unlawful. Mayberry may effect transactions or have positions in securities mentioned herein. In addition, employees of Mayberry may have positions and effect transactions in the securities mentioned herein.

 

 

More Stories from the Market
shutterstock_148562033
August 7, 2026   Wigton Windfarm Limited (WIG) has advised that during the period May 15, 2026 to June 18, 2026, a connected party of a sen…
shutterstock_148562033
August 7, 2026   Supreme Ventures Limited (SVL) has advised that on August 5, 2026, a related entity purchased 6,000 SVL shares.   …
shutterstock_148562033
August 7, 2026   The Jamaica Stock Exchange Limited (JSE) has advised that a director purchased 4,000 JSE shares on June 19, 2026. &nb…
shutterstock_148562033
August 7, 2026   IronRock Insurance Company Limited (ROC) has advised that a connected party purchased 997,767 ROC shares on August 4, 2026…
shutterstock_453968572
August 7, 2026   One Great Studio Company Limited (1GS) has advised of its strategic acquisition of the business of FarmHouse Creative Mark…
shutterstock_316932977-700x441
August 7, 2026 Mexico strengthened its position as the United States’ largest trading partner during the first half of 2026, with merchandise exp…
shutterstock_193038047
August 7, 2026 According to the U.S. Bureau of Labor Statistics, total nonfarm payroll employment declined by 23,000 in July 2026, while the unem…
shutterstock_453968572
August 7, 2026     United States:   US Employers Unexpectedly Shed Jobs; Unemployment Rate Falls   US employers unexp…