News

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

Published

5 years ago

June 30, 2021

Costa Haritos

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.

Related Topics:covid covid-19 economic Economy Featured holiday travel

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Costa Haritos

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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U.S. envoys head to Moscow as Ukraine peace talks accelerate

U.S. envoys to meet Putin, signaling a potential shift in Ukraine war diplomacy.

Published

20 hours ago

January 22, 2026

Harvey Vargas

U.S. envoys to meet Putin, signaling a potential shift in Ukraine war diplomacy.

Senior U.S. envoys are preparing to meet Russian President Vladimir Putin as diplomatic efforts around the war in Ukraine gather pace. The visit comes after Russia formally requested high-level talks, signalling a potential shift in momentum.

Special Envoy Steve Witkoff and Jared Kushner are set to travel to Moscow following months of behind-the-scenes discussions. The move underscores Washington’s willingness to engage directly as negotiations enter a more decisive phase.

With global attention fixed on the outcome, the meeting could shape the next chapter of the conflict — and determine whether diplomacy can finally overtake military escalation.

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#UkraineWar #RussiaUkraine #PeaceTalks #GlobalPolitics #USRussia #BreakingNews #Geopolitics #TickerNews

News

Trump drops tariff threat after Greenland framework deal

Trump announces Greenland deal, easing tariff threats amid trade tensions, boosting US markets and sparking Arctic diplomacy debate.

Published

21 hours ago

January 22, 2026

Harvey Vargas

Trump announces Greenland deal, easing tariff threats amid trade tensions, boosting US markets and sparking Arctic diplomacy debate.

U.S. President Donald Trump has announced a framework deal involving Greenland, stepping back from earlier threats to impose tariffs on Europe. The shift comes after heightened global concern over trade tensions and geopolitical stability.

The announcement followed Trump’s appearance at the World Economic Forum in Davos and discussions with NATO’s Secretary General.

Denmark’s Foreign Minister has since weighed in, responding to speculation surrounding Greenland’s future and the implications of US involvement.

Markets reacted positively, with US stocks rallying after Trump signalled he would abandon the tariff threats.

While Trump reiterated he would not use force to acquire Greenland, the move has sparked renewed debate about diplomacy, trade, and influence in the Arctic region.

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#DonaldTrump #Greenland #USTrade #Tariffs #GlobalMarkets #USPolitics #WorldNews #Ticker

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Coalition cracks deepen as Nationals break ranks over Labor reforms

Nationals senators defy party lines, voting against Labor’s reforms as Coalition faces internal rifts and leadership concerns.

Published

2 days ago

January 21, 2026

Harvey Vargas

Nationals senators defy party lines, voting against Labor’s reforms as Coalition faces internal rifts and leadership concerns.

A rift has emerged in the Coalition after three Nationals senators crossed the floor to vote against Labor’s post-Bondi hate group reforms, defying party lines and raising questions about their future in the shadow cabinet.

Their proposed amendment calling for greater scrutiny was rejected, and Labor’s legislation passed the Senate 38 votes to 22, cementing the reforms into law despite opposition pushback.

Coalition leadership will meet Wednesday to assess the political fallout, though some MPs consider the issue minor in terms of potential resignations. The incident highlights growing tensions within the party as internal discipline comes under pressure.

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#AustralianPolitics #Coalition #Nationals #Labor #Senate #PoliticalDrama #TickerNews #BreakingPolitics