The Travel Shock

Gian Maria Milesi-Ferretti ()

IMF Economic Review, 2024, vol. 72, issue 4, No 7, 1502-1519

Abstract: Abstract The COVID-19 pandemic led to a collapse in international travel and tourism in 2020. We explore how the impact of the pandemic relates to countries’ dependence on tourism revenues. We document the collapse of net revenues from international travel in tourism-dependent economies, and show that the share of tourism in GDP is the most important predictor of the pandemic-induced growth shortfall in 2020 across countries, even when compared to measures of pandemic severity. Countries more dependent on foreign tourism were affected particularly severely, including by lockdowns in the countries of origin of their tourists.

JEL-codes: F14 F4 O1 (search for similar items in EconPapers)
Date: 2024
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DOI: 10.1057/s41308-023-00224-9

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