The COVID-19 pandemic has caused turbulence in financial markets, caused significant changes in capital flows and led to the loss of financial reserves - this is the information from which the IMF report on the loan to Egypt begins. This document also lists the tourism importing countries that will be the most affected by the impact of COVID-19 and provides rough projections for the future.
Thus, the IMF said that the losses from tourism caused by the coronavirus pandemic will mostly be borne by large net importers of tourism. This includes: Egypt, Costa Rica, Greece, Morocco, New Zealand, Portugal, Spain, Sri Lanka, Thailand and Turkey. According to the provided report, losses in the tourism sector in 2020 may reach 2% of GDP due to travel restrictions. So, for example, the tourism sector in Egypt will lose about 73% of its income this year due to the coronavirus pandemic.
As experts predict, the recovery of tourism should start in the third quarter. But at the same time, the persistence of the COVID-19 pandemic will restrict leisure travel and reduce total revenues for the year to about $ 3.45 billion. At the same time, revenues from the travel industry in 2019 reached a record level of $ 13.03 billion. It was assumed that in 2020 a new record at around $ 15 billion will be set, but this was prevented by the COVID-19 pandemic.