The Graphic Truth: Who depends the most on tourists?
Few sectors of the global economy are immune from pandemic-induced economic pain right now, but some find comfort in the fact they will bounce-back in the near or medium-term. The travel business, which has been brought to a standstill as billions of people have been forced to stay home, may not be one of those lucky industries. As social distancing will likely remain a reality until a COVID-19 vaccine is made available – a process that could still take 12-18 months – people's appetite to take foreign holidays is unlikely to bounce back in a big way. And many countries will keep their borders closed to non-residents for months to come, as fears of contagion persist. This is a huge blow for countries that rely on tourism to pump cash into their economies. Travel contributed a whopping $8.8 trillion to the global economy in 2018 and was responsible for 10.4 percent of all economic activity around the world. So, which large economies stand to lose the most from the tourism downturn? Take a look.