In a report published Wednesday, the United Nations Conference on Trade and Development (UNCTAD) said that even with more of the world’s population vaccinated, the economic impact of the pandemic on tourism is turning out to be more severe than its worst-case predictions 12 months ago.
The study highlights how costly vaccine inequality will be for the world economy, with tourism losses this year alone amounting to between $1.7 trillion and $2.4 trillion despite an expected rebound in travel in countries such as France, Germany, the United Kingdom and the United States.
Developing economies could account for up to 60% of the global GDP losses, or as much as $1.4 trillion this year, according to the report, which was produced together with the UN World Tourism Organization (UNWTO).
The slump in tourism could cost the world economy as much as $4.8 trillion for 2020 and 2021, dealing a $2.9 trillion blow to poorer countries.
The analysis takes into account losses to industries that…