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Tourism - A Global Challenged Industry During Covid-19 Pandemic

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  • TILEAGA Cosmin

    (Lucian Blaga University of Sibiu)

Abstract

10% of the EU's Gross Domestic Product (GDP) is generated by the tourism industry. In some countries like Greece or Malta, tourism accounts for 20-25% of those countries' GDP. According to the EU Commission, Spain generated around 145 billion euros in the tourism sector, while German hotels and tour operators generate around 240 billion euros a year. The World Tourism Organization (UNWTO) estimates that during this coronavirus crisis, 96% of all tourist destinations in the world cannot be visited, thus calling for the restrictions to be ended as soon as possible in a coordinated global manner based on scientific health research. The economic situation of the tourism industry is catastrophic, not only in southern Europe along the Mediterranean Sea, but also in other parts of Europe, such as Germany. The tourism industry expects a drop of up to 70% in bookings this year. Meanwhile, the European Union (EU) Commission predicts that cruise companies will be the most affected with losses of up to 90%.

Suggested Citation

  • TILEAGA Cosmin, 2021. "Tourism - A Global Challenged Industry During Covid-19 Pandemic," Revista Economica, Lucian Blaga University of Sibiu, Faculty of Economic Sciences, vol. 73(Special), pages 355-370, December.
    • Handle: RePEc:blg:reveco:v:73:y:2021:i:special:p:355-370
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    File URL: http://economice.ulbsibiu.ro/revista.economica/archive/73S24tileaga.pdf
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    More about this item

    Keywords

    tourism industry; tourism economy; consumer confidence; global tourism; tourism recovery; tourism solutions;
    All these keywords.

    JEL classification:

    • M10 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - General
    • M16 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Business Administration - - - International Business Administration
    • M30 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Marketing and Advertising - - - General

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