Business news from Ukraine

Business news from Ukraine

Global tourism industry has fully recovered from effects of coronavirus

22 May , 2024  

International tourism revenues reached $1.5 trillion in 2023, which means a full recovery to the level of pre-pandemic 2019 in nominal terms and by 97% adjusted for inflation, according to the United Nations World Tourism Organization (UN Tourism).

According to the organization, Europe received the highest revenues from international tourism – $660 billion, which is 7% more than in pre-pandemic 2019. Revenues in the Middle East increased by 33%. Last year, America recovered 96% of its pre-pandemic international tourism revenues, Africa – 95%, and the Asia-Pacific region – 78%.

According to UN Tourism, in 2023, GDP from tourism recovered to the level of 2019. It is estimated to have amounted to $3.3 trillion, or 3% of global GDP.

As noted, several destinations achieved outstanding results in terms of international tourism revenues in the first quarter of 2024 compared to 2019. Among them are Serbia (plus 127%), Turkey (plus 82%), Pakistan (plus 72%), Tanzania (plus 62%), Portugal (plus 61%), Romania (plus 57%), Japan (plus 53%), Mongolia (plus 50%), Mauritius (plus 46%) and Morocco (plus 44%).

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