IDEAS home Printed from https://ideas.repec.org/a/ris/asbure/0184.html
   My bibliography  Save this article

Covid-19 and Sustainable Tourism: Macroeconomic Effect and Policy Comparison among Europe, the USA and China

Author

Listed:
  • Mohammad Monirul Islam

    (Dhaka University)

  • Farha Fatema

    (Dhaka University)

Abstract

This study examines the potential macroeconomic effects of Covid-19 on the tourism sector of Europe, the USA, and China as well as provides policy suggestions in light of previous scholarly works. The study finds that the global tourism sector is geocentric and the tourism sector of EU countries is interdependent. The study also finds strong domestic tourism in the USA and China whereas domestic tourism in EU countries is not that strong. As domestic tourism is less income-elastic than international tourism countries should promote domestic tourism to recover the loss of this sector from the adverse effect of Covid-19. Although the probable loss of the tourism sector can be estimated with reference to the recent previous global economic crises, the study assumes far-reaching and massive effects of Covid-19 on the tourism sector due to strictly restricted or banned global and domestic travel as well as the unknown duration of the pandemic. The study also finds the similarity of age groups participating in tourism and infected and died by Covid-19. So, combined and comprehensive policies should be formulated to save the international tourism sector from the drastic catastrophe of Covid-19.

Suggested Citation

  • Mohammad Monirul Islam & Farha Fatema, 2020. "Covid-19 and Sustainable Tourism: Macroeconomic Effect and Policy Comparison among Europe, the USA and China," Asian Business Review, Asian Business Consortium, vol. 10(1), pages 53-60.
    • Handle: RePEc:ris:asbure:0184
    as

    Download full text from publisher

    File URL: https://abc.us.org/ojs/index.php/abr/article/view/462
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Juan Eugenio-Martin & Juan Campos-Soria, 2011. "Income and the substitution pattern between domestic and international tourism demand," Applied Economics, Taylor & Francis Journals, vol. 43(20), pages 2519-2531.
    2. Robert E. Hall & Charles I. Jones, 2007. "The Value of Life and the Rise in Health Spending," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 122(1), pages 39-72.
    3. Barua, Suborna, 2020. "Understanding Coronanomics: The economic implications of the coronavirus (COVID-19) pandemic," MPRA Paper 99693, University Library of Munich, Germany.
    4. Cao, Zheng & Li, Gang & Song, Haiyan, 2017. "Modelling the interdependence of tourism demand: The global vector autoregressive approach," Annals of Tourism Research, Elsevier, vol. 67(C), pages 1-13.
    5. Yang, Yang & Zhang, Hongru & Chen, Xiang, 2020. "Coronavirus pandemic and tourism: Dynamic stochastic general equilibrium modeling of infectious disease outbreak," Annals of Tourism Research, Elsevier, vol. 83(C).
    6. Takeshi Yagihashi & Juan Du, 2015. "Health Care Inflation And Its Implications For Monetary Policy," Economic Inquiry, Western Economic Association International, vol. 53(3), pages 1556-1579, July.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. José Miguel Vegara-Ferri & José María López-Gullón & Irena Valantine & Arturo Díaz Suárez & Salvador Angosto, 2020. "Factors Influencing the Tourist’s Future Intentions in Small-Scale Sports Events," Sustainability, MDPI, vol. 12(19), pages 1-18, October.
    2. Zhixin Zeng & Xiaojun Wang, 2021. "Effects of Domestic Tourism on Urban-Rural Income Inequality: Evidence from China," Sustainability, MDPI, vol. 13(16), pages 1-21, August.

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Ani Asoyan & Vahagn Davtyan & Haykaz Igityan & Hasmik Kartashyan & Hovhannes Manukyan, 2020. "Modelling the Effects of a Health Shock on the Armenian Economy," Working Papers 15, Central Bank of Armenia, revised Dec 2020.
    2. Yang, Yang & Zhang, Hongru & Chen, Xiang, 2020. "Coronavirus pandemic and tourism: Dynamic stochastic general equilibrium modeling of infectious disease outbreak," Annals of Tourism Research, Elsevier, vol. 83(C).
    3. Ani Asoyan & Vahagn Davtyan & Haykaz Igityan & Hasmik Kartashyan & Hovhannes Manukyan, 2020. "Modelling the Effects of a Health Shock on the Armenian Economy," Russian Journal of Money and Finance, Bank of Russia, vol. 79(4), pages 18-44, December.
    4. Gonzalez-Eiras, Martín & Niepelt, Dirk, 2012. "Ageing, government budgets, retirement, and growth," European Economic Review, Elsevier, vol. 56(1), pages 97-115.
    5. Ho, Sy-Hoa & OUEGHLISSI, Rim & EL FERKTAJI, Riadh, 2019. "The dynamic causality between ESG and economic growth: Evidence from panel causality analysis," MPRA Paper 95390, University Library of Munich, Germany.
    6. Volker Grossmann & Johannes Schünemann & Holger Strulik, 2024. "Fair Pension Policies with Occupation-Specific Ageing," The Economic Journal, Royal Economic Society, vol. 134(663), pages 2835-2875.
    7. Steve Newbold & Charles Griffiths & Christopher C. Moore & Ann Wolverton & Elizabeth Kopits, 2010. "The "Social Cost of Carbon" Made Simple," NCEE Working Paper Series 201007, National Center for Environmental Economics, U.S. Environmental Protection Agency, revised Aug 2010.
    8. Herrendorf, Berthold & Rogerson, Richard & Valentinyi, Ákos, 2014. "Growth and Structural Transformation," Handbook of Economic Growth, in: Philippe Aghion & Steven Durlauf (ed.), Handbook of Economic Growth, edition 1, volume 2, chapter 6, pages 855-941, Elsevier.
    9. Johan Gustafsson, 2021. "Age-Targeted Income Taxation, Labor Supply, and Retirement," CESifo Working Paper Series 8988, CESifo.
    10. D. Dragone & H. Strulik, 2017. "Human Health and Aging over an Infinite Time Horizon," Working Papers wp1104, Dipartimento Scienze Economiche, Universita' di Bologna.
    11. Orietta Nicolis & Jean Paul Maidana & Fabian Contreras & Danilo Leal, 2024. "Analyzing the Impact of COVID-19 on Economic Sustainability: A Clustering Approach," Sustainability, MDPI, vol. 16(4), pages 1-30, February.
    12. Taiyo FUKAI & Hidehiko ICHIMURA & Kyogo KANAZAWA, 2018. "Quantifying Health Shocks over the Life Cycle," Discussion papers 18014, Research Institute of Economy, Trade and Industry (RIETI).
    13. Groneck, Max & Ludwig, Alexander & Zimper, Alexander, 2016. "A life-cycle model with ambiguous survival beliefs," Journal of Economic Theory, Elsevier, vol. 162(C), pages 137-180.
    14. Alex R. Horenstein & Manuel S. Santos, 2012. "A Cross-Country Analysis of Health Care Expenditures," Working Papers 2013-05, University of Miami, Department of Economics.
    15. Strulik, Holger, 2018. "The return to education in terms of wealth and health," The Journal of the Economics of Ageing, Elsevier, vol. 12(C), pages 1-14.
    16. Tomasz Rokicki & Aleksandra Perkowska & Marcin Ratajczak, 2020. "Differentiation in Healthcare Financing in EU Countries," Sustainability, MDPI, vol. 13(1), pages 1-17, December.
    17. Jeremy Greenwood & Nezih Guner & Karen A. Kopecky, 2022. "The Downward Spiral," NBER Working Papers 29764, National Bureau of Economic Research, Inc.
    18. Jagrič, Timotej & Brown, Christine & Boyce, Tammy & Jagrič, Vita, 2021. "The impact of the health-care sector on national economies in selected European countries," Health Policy, Elsevier, vol. 125(1), pages 90-97.
    19. repec:mea:meawpa:13274 is not listed on IDEAS
    20. Sadananda Prusty & Anubha & Saurabh Gupta, 2021. "On the Road to Recovery: The Role of Post-Lockdown Stimulus Package," FIIB Business Review, , vol. 11(2), pages 206-224, June.
    21. Lorenzo Cappellari & Anna De Paoli & Gilberto Turati, 2016. "Do Market Incentives for Hospitals Affect Health and Service Utilization? Evidence from PPS-DRG Tariffs in Italian Regions," CESifo Working Paper Series 5804, CESifo.

    More about this item

    Keywords

    Covid-19; tourism sector; macroeconomic effects; domestic tourism; international tourism; global eco;
    All these keywords.

    JEL classification:

    • Q01 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - General - - - Sustainable Development

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:asbure:0184. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Alim Al Ayub Ahmed The email address of this maintainer does not seem to be valid anymore. Please ask Alim Al Ayub Ahmed to update the entry or send us the correct address (email available below). General contact details of provider: https://abc.us.org/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.