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UN report underscores importance of tourism for economic recovery in 2022

January 14, 2022591 Views

The important role that tourism will play in the recovery of national economies and global trade has been highlighted in the 2022 edition of the World Economic Situation and Prospects (WESP) report by the United Nations. Drawing on data from the World Tourism Organization (UNWTO), WESP underlines the sector’s importance for the world economy and particularly for developing economies, including Small Island Developing States (SIDS). After a global contraction of 3.4% in 2020 and a rebound of 5.5% in 2021, the world economy is projected to grow by 4% in 2022 and then 3.5% in 2023. Given its importance as a major export category (prior to the pandemic tourism was the third largest in the world, after fuels and chemicals), and recognizing its role as a source of employment and economic dev...

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Gloomy outlook for global recovery

UPENDRA SWAMI

January 11, 20221227 Views

World Bank sees sharp world growth slowdownOmicron to deter recovery prospects in 2022Tourism dependent economies to face major headwinds Only one in 10 World Economic Forum members surveyed expects the global recovery to accelerate over the next three years, a poll of nearly 1,000 business, government and academic leaders found, with only one in six optimistic about the world outlook. On Tuesday, The World Bank also cut its forecasts for economic growth in the United States, the Euro area and China and warned that high debt levels, rising income inequality and new coronavirus variants threatened the recovery in developing economies. FILE PHOTO: A helicopter flies over the ski resort during the 50th World Economic Forum (WEF) annual meeting in Davos, Switzerland, January 23, 2020...