Publication date:
Apr 2020
Language:
English
Containment efforts across Europe due to the Coronavirus outbreak have left countries struggling to support their economies and have taken a severe toll on the tourism sector. Pandemic concerns and impact will intensify as travel restrictions continue into the peak summer travel season. Numerous indicators suggest a global recession; recent forecasts estimate a decline in European tourism in line with world projections (-39%)[1] in 2020 compared to the prior year.
The COVID-19 crisis will cost millions of jobs and will have a greater impact on Small and Medium Enterprises (SMEs) in Europe. Amidst a high level of uncertainty, estimating the consequences of the pandemic will depend on its evolution, and (social distancing protocols) the length of domestic and international travel bans. Although the recovery is projected to kick off early in 2021, a rebound to pre-crisis levels is not expected until 2023 and will mirror the economic vitality of the different markets.
[1] Tourism Economics
