Portugal is among the countries that are expected to have losses in the tourism sector exceeding 2% of the Gross Domestic Product (GDP) due to the covid-19 pandemic, according to a report by the International Monetary Fund (IMF) released today
“Losses in tourism revenues that exceed 2% of GDP should be concentrated in major tourism exporters, such as Costa Rica, Egypt, Greece, Morocco, New Zealand, Portugal, Spain, Sri Lanka, Thailand and Turkey”.
This is what is read in the report on the external sector today released by the IMF. Tourism-related data were analyzed from a study by the International Tourism Organization.
The study “includes a scenario involving a gradual lifting of travel restrictions beginning in September”, which implies “tourism revenues 73% below 2019 levels”. They are relevant damages for several countries.
“For economies dependent on sectors affected [by the pandemic], such as oil and tourism, or dependent on remittances, the impact of the crisis was especially acute, with negative effects on the current external balance at 2% of GDP that are likely to need a significant economic adjustment, ”warns the IMF.
