RESEARCH AND ANALYSIS: WORKING PAPERS
International trade in travel and tourism services: Economic impact and policy responses during the COVID-19 crisis
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.
Authors: Panagiotis Barkas, Dale Honeck, Ester Rubio Colomer
Manuscript date: August 2020
Travel, tourism, services trade, COVID-19, economic policy, monitoring, economic impact.
JEL classification numbers:
F13, L83, O14back to top
This is a working paper, and hence it represents research in progress. The opinions expressed in this paper are those of its author. They are not intended to represent the positions or opinions of the WTO or its members and are without prejudice to members' rights and obligations under the WTO. Any errors are attributable to the author.
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