Economics

Global Economy Could Suffer $4 Trillion Loss on Tourism Drop

UN data show a loss of as much as $2.4 trillion for this year
International tourism isn’t expected to rebound until 2023

A restaurant worker looks out along the street by empty tables in Buyukada, Turkey, on June 23. — A restaurant worker looks out along the street by empty tables in Buyukada, Turkey, on June 23.
Photographer: Nicole Tung/Bloomberg

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By Peyton Forte

June 30, 2021 at 5:00 AM UTC

Updated on

June 30, 2021 at 3:07 PM UTC

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The slump in tourism caused by Covid-19 will cost the global economy more than $4 trillion for 2020 and 2021, much worse than anticipated, as an uneven vaccination rollout crushes developing countries that are highly dependent on international visitors.