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Question: Impact of COVID-19 on Tourism Industry: A Review

Answer: The outbreak of COVID-19, labeled as a black swan event, causes significant damage globally
due to its fatality. The COVID-19 pandemic has expanded across the world by creating shocks in
almost all the industries due to the restrictions, curfews, stay-home and work-from-home
policies, and quarantines. As a result of the health and economic crisis with the COVID-19
pandemic, the tourism sector got severely affected. The UNWTO has estimated a loss of
approximately 1.1 billion international tourist arrivals, with a loss of US$ 910 to 1.1 trillion
export revenues and 100-120 million jobs due to the wider spread of the novel coronavirus.
Therefore, this paper aims to determine the impact of the COVID-19 outbreak on the tourism
industry on a global scale. The study focuses on all countries in the world and discovers the
challenges they confronted in tourism and the strategies to overcome those challenges in the
short- and long-term while minimizing the economic shocks due to the pandemic. The
researchers use a secondary source of data due to the unavailability of essential data for further
statistical analysis. The significant findings highlighted the negative impact of the Virus outbreak
on the tourism industry and the decline of supporting sectors such as air travel and hospitality
industry in a global context. The paper illustrated the adverse effects of COVID-19 on the
tourism industry with data available. The findings will help to face challenges in the tourism
industry, and strategies to overcome viral infections in the future are recommended

(Source: , 10 Oct 2021)

Source Link: https://mpra.ub.uni-muenchen.de/102834/1/MPRA_paper_102834.pdf