Tourism investments down by $3T in 2020 due to pandemic

Chinese tourists in Red Square, Moscow. Photo: Sergei BobylevTass via Getty Images. Sketched by the Pan Pacific Agency.

ISTANBUL, Jul 19, 2020, VOSA. Investments in tourism have dropped by $3 trillion worldwide in 2020 due to the pandemic, according to the World Tourism Forum Institute, Voice of South Asia reported.

The figure is down to $2 trillion from $5 trillion annually, said Bulut Bagci, head of the institute.

The pandemic caused over 80% losses in the tourism sector, he said.

The novel coronavirus, which appeared in China last December, has spread all around the world and caused severe economic problems, affecting especially the travel and tourism sectors deeply.

Bagci said many countries’ economies rely on tourism and it affects hundreds of sectors directly.

If the vaccine is found or the pandemic ends, the year 2021 will be ripe for investment in the tourism sector.

He said he expects investments worth $7-8 trillion.

He added that the US is the biggest investor in the tourism sector, followed by China, France, Germany, and Spain.

Turkey entered this field in 1983 and spurted in the 2000s, he recalled.

“There were very good investments in tourism, our facilities are so new.”

The US is also the first country with $230 billion tourism income, followed by Spain ($75 billion), France ($70 billion) Thailand, and the UK (both $65 billion), he said.

Turkey’s tourism income was $34.5 billion last year with 44.7 million visitors, a three-fold increase from the year 2002, he recalled.

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