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The Travel Shock

Author

Listed:
  • Gian Maria Milesi-Ferretti

    (The Brookings Institution)

Abstract

The COVID-19 pandemic led to a collapse in international travel and tourism in 2020. We explore how the impact of the pandemic relates to countries’ dependence on tourism revenues. We document the collapse of net revenues from international travel in tourism-dependent economies, and show that the share of tourism in GDP is the most important predictor of the pandemic-induced growth shortfall in 2020 across countries, even when compared to measures of pandemic severity. Countries more dependent on foreign tourism were affected particularly severely, including by lockdowns in the countries of origin of their tourists.

Suggested Citation

  • Gian Maria Milesi-Ferretti, 2024. "The Travel Shock," IMF Economic Review, Palgrave Macmillan;International Monetary Fund, vol. 72(4), pages 1502-1519, December.
    • Handle: RePEc:pal:imfecr:v:72:y:2024:i:4:d:10.1057_s41308-023-00224-9
    DOI: 10.1057/s41308-023-00224-9
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    More about this item

    JEL classification:

    • F14 - International Economics - - Trade - - - Empirical Studies of Trade
    • F4 - International Economics - - Macroeconomic Aspects of International Trade and Finance
    • O1 - Economic Development, Innovation, Technological Change, and Growth - - Economic Development

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