International trade in travel and tourism services: Economic impact and policy responses during the COVID-19 crisis
Dale Honeck and
No ERSD-2020-11, WTO Staff Working Papers from World Trade Organization (WTO), Economic Research and Statistics Division
In this paper, we investigate tourism-related policy approaches that WTO member countries adopted in the early weeks of the COVID-19 crisis. We highlight the need for stakeholders to coordinate their responses in order to mitigate the negative crisis effects and better prepare the sector for the future. In doing so, we explore the economic impact of potential tourism scenarios, underlining both the demand and supply side effects of the crisis. By compiling and organising information from a range of sources based on information available at the time, the paper provides a systematic approach to map and analyse tourism-related policies for 59 WTO Members across all continents. Our findings confirm that: (i) almost 90% of the countries analysed focused their tourism policy responses on economic stimulus measures to mitigate the negative impacts of COVID-19 and facilitate a strong recovery; (ii) more than half of the examined countries have taken financial measures to support the sector through loans, tax deferrals etc.; (iii) less than a third of the analysed countries enacted social and employment measures.
Keywords: travel; tourism; services trade; COVID-19; economic policy; monitoring; economic impact (search for similar items in EconPapers)
JEL-codes: F13 L83 O14 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-int, nep-isf and nep-tur
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Persistent link: https://EconPapers.repec.org/RePEc:zbw:wtowps:ersd202011
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