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How much will economies lose to tourism because of the pandemic?

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Tourism is expected to impact global economies.

A new report has revealed the economic costs from a plunge in tourism since the pandemic.

The UN World Tourism Organisation (UNWTO) has revealed COVID-19 could place a $4 trillion hole in the world’s economy.

The report found the pandemic’s impact will lead to a ripple effect on other sectors closely linked to it.

The UNWTO Secretary-General Zurab Pololikashvili says vaccinations are a key part of the world’s post-COVID success.

“Tourism is a lifeline for millions, and advancing vaccination to protect communities and support tourism’s safe restart is critical to the recovery of jobs and generation of much-needed resources, especially in developing countries, many of which are highly dependent on international tourism.”

The report assesses the economic impacts of three possible scenarios, which all reflect reductions in international arrivals.

Reduction in international travel

The first scenario reflects a 75 percent reduction in international tourist arrivals – the most pessimistic forecast. It is based on tourist reductions and trends faced last year.

For example, tourism makes up five percent of Turkey’s GDP. But the nation experienced a 69 percent fall in international tourists in 2020.

This fall is estimated to cost $33 billion, which has led to other cross-sector losses in hospitality, communications and transport.

In the second scenario, UNWTO examines a 63 percent reduction in tourist arrivals. Then, domestic and regional tourism is considered in the third scenario.

Vaccinations drive tourism

Experts are also concerned about the varying vaccination rates around the world, and how they will impact international travel.

The report discusses the “asymmetric roll-out of vaccines”, and how it “magnifies the economic blow tourism has suffered in developing countries”. Vaccine rates vary from 1 to 60 percent between some countries.

Isabelle Durant is the Acting Secretary-General of the UN Conference on Trade and Development (UNCTAD). She says the world needs to push for global vaccination.

“The world needs a global vaccination effort that will protect workers, mitigate adverse social effects and make strategic decisions regarding tourism, taking potential structural changes into account.”

Experts do not expect a return to pre-COVID travel until 2023, or later. They believe travel restrictions, slow containment of COVID-19, poor economic opportunities, and low traveller confidence are among the reasons for the delay.

Costa is a news producer at ticker NEWS. He has previously worked as a regional journalist at the Southern Highlands Express newspaper. He also has several years' experience in the fire and emergency services sector, where he has worked with researchers, policymakers and local communities. He has also worked at the Seven Network during their Olympic Games coverage and in the ABC Melbourne newsroom. He also holds a Bachelor of Arts (Professional), with expertise in journalism, politics and international relations. His other interests include colonial legacies in the Pacific, counter-terrorism, aviation and travel.

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BREAKING: Shots ring out at Trump rally

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Donald Trump was whisked off the stage at a rally in Butler, Pennsylvania after loud noises rang through the crowd.

Trump was showing off a chart of border crossing numbers when bangs started ringing through the crowd. Trump could be seen reaching with his right hand toward his neck. There appeared to be blood on his face.

He quickly ducked behind the riser as agents from his protective detail rushed the stage and screams rang out from the crowd. The bangs continued as agents tended to him on stage.

His motorcade has left the venue.

In a statement, Trump says he is “fine” and says he is being checked at a medical facility.

Donald Trump was safe, the U.S. Secret Service and his campaign said on Saturday after multiple shots rang out at a rally by the Republican presidential candidate in Pennsylvania as video showed Trump grimacing and raising a hand to his right ear.
The former president had just started his speech when gunshots erupted and Trump and other rally attendees hit the deck. Secret Service agents swarmed around him and live video showed blood on the right side of Trump’s face and ear.
 
Trump repeatedly raised his fist in the air, with an American flag visible behind him, as security ushered him away.
“The Secret Service has implemented protective measures and the former president is safe,” a spokesperson for the agency said on X after what it called an incident.
“This is now an active Secret Service investigation and further information will be released when available.”

A map of the site, showing where the alleged gunman was situated compared to Donald Trump.

CNN reported that Trump was injured, but gave no other details. It was not clear how or what injuries he may have sustained.

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NASA astronauts phone home, confident Boeing’s Starliner will return to Earth safely

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Stranded NASA astronauts express confidence in Boeing’s Starliner spacecraft, assuring its capability to safely transport them back to Earth from the International Space Station.

The astronauts, over a video call to NASA, highlighted Starliner’s enhanced safety features and testing protocols as reassuring factors for their safe return.

“I have a real good feeling in my heart that this spacecraft will bring us home, no problem…”, said Sunita “Suni” Williams, one of the stranded NASA astronauts.

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Franchising vs. Independent: key differences to choosing the right SMB model

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With latest Australian Federal budget, many SMB’s are weighing their options when selecting a suitable business model.

Franchising provides brand recognition, operational support, and economies of scale but involves ongoing fees.

Independent businesses offer full control and profit retention but face higher costs and regulatory challenges.

For risk and reward, the franchising model reduces risk through established practices and support but involves ongoing fees and profit-sharing with the franchisor.

On the alternative, independent businesses retain full control of profits but face higher risks and responsibilities in managing the business.

Sonia Shwabsky, CEO at Kwik Kopy Australia, joins to share her key insights on SMB’s. #featured

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