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Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere

Lamin Leigh, Dirk Muir, Gonzalo Salinas, Manuela Goretti, Stella Kaendera, Serhan Cevik (), Sanaa Nadeem and Aleksandra Babii

No 2021/002, IMF Departmental Papers / Policy Papers from International Monetary Fund

Abstract: This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.

Keywords: Tourism; Jobs; Diversification; COVID-19; Growth; Spillovers; tourism industry; tourism sector; tourism flow; tourism export; tourism model; tourism dominance; economies will; Communicable diseases; Exports; Global; Pacific Islands; Caribbean; Asia and Pacific; Western Hemisphere (search for similar items in EconPapers)
Pages: 115
Date: 2021-02-19
New Economics Papers: this item is included in nep-sea and nep-tur
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Handle: RePEc:imf:imfdps:2021/002