A new article in IMF's Finance&Development magazine looks into impacts of the pandemic on the tourism sector.
"Before COVID-19, travel and tourism had become one of the most important sectors in the world economy, accounting for 10 percent of global GDP and more than 320 million jobs worldwide.
In 1950, at the dawn of the jet age, just 25 million people took foreign trips. By 2019, that number had reached 1.5 billion, and the travel and tourism sector had grown to almost too-big-to-fail proportions for many economies.
The global pandemic, the first of its scale in a new era of interconnectedness, has put 100 million jobs at risk, many in micro, small, and medium-sized enterprises that employ a high share of women, who represent 54 percent of the tourism workforce, according to the United Nations World Tourism Organization (UNWTO)."
Full article can be accessed via the following link
Source: IMF
ART: ISTOCK / ULIMI; AJWAD CREATIVE ; MVALIGURSKY; PRIMEIMAGES; MYROSLAVA