Tourism: How Asia and other emerging markets could bounce back
- The tourism industry suffered a massive shock in 2020 due to the pandemic, impacting many emerging markets
- In Asia, Thailand, Hong Kong, Malaysia, and Singapore are among the most dependent on tourism as a driver of GDP growth. Outside Asia, Turkey is also highly dependent
- The economic recovery is underway but will likely be long and arduous for developing markets. This reflects in part the slow pace of vaccination, and the low probability of quickly achieving something close to collective immunity – which would allow full international travel to resume
- Containing the virus outbreak is a pre-requisite for any sort of tourism recovery – domestic or outbound. There are silver linings for the sector, with rising domestic tourist flows in countries where the pandemic is under control. However, a complete recovery – featuring the return of international travellers – is still some time away
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