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Crash in international tourism 'could cost $4 trillion'

Economy
Will Payne
30 June 2021

New data suggests the collapse of international tourism due to Covid-19 could cost the global economy $4 trillion.

Older travellers face higher price rises for insurance and car hire

The report, jointly presented by the UN World Tourism Organisation (UNWTO) and the UN Conference on Trade and Development (UNCTAD), was published on Wednesday (30 June).

It claims international tourism and its "closely linked sectors" suffered an estimated loss of $2.4 trillion in 2020 due to the pandemic.

Even though a return to overseas travel is expected this year, the report still shows a loss of between $1.7 trillion and $2.4 trillion in 2021.

The results are "based on simulations that capture the effects of international tourism reduction only, not policies such as economic stimulus programmes".