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Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere

Author

Listed:
  • Ms. Manuela Goretti
  • Mr. Lamin Y Leigh
  • Aleksandra Babii
  • Mr. Serhan Cevik
  • Stella Kaendera
  • Mr. Dirk V Muir
  • Miss Sanaa Nadeem
  • Mr. Gonzalo Salinas

Abstract

This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.

Suggested Citation

  • Ms. Manuela Goretti & Mr. Lamin Y Leigh & Aleksandra Babii & Mr. Serhan Cevik & Stella Kaendera & Mr. Dirk V Muir & Miss Sanaa Nadeem & Mr. Gonzalo Salinas, 2021. "Tourism in the Post-Pandemic World: Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere," IMF Departmental Papers / Policy Papers 2021/002, International Monetary Fund.
    • Handle: RePEc:imf:imfdps:2021/002
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    Citations

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    Cited by:

    1. Ding, Ding & Timmer, Yannick, 2023. "Exchange rate elasticities of international tourism and the role of dominant currency pricing," Journal of International Money and Finance, Elsevier, vol. 137(C).
    2. Portella-Carbó, Ferran & Pérez-Montiel, Jose & Ozcelebi, Oguzhan, 2023. "Tourism-led economic growth across the business cycle: Evidence from Europe (1995–2021)," Economic Analysis and Policy, Elsevier, vol. 78(C), pages 1241-1253.
    3. Alezandra Marzeil A. Dalagan & Melecio A. Sy, Jr., 2023. "Post-Pandemic Business Recovery Experiences of Samal Island Beach Resorts Owners: A Hermeneutic Phenomenological Inquiry," International Journal of Research and Innovation in Social Science, International Journal of Research and Innovation in Social Science (IJRISS), vol. 7(12), pages 475-491, December.

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