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ASIA: ING write: "We are getting quite used to seeing footage of tourists
stranded on cruise ships as the Covid-19 outbreak leads to aggressive attempts
at containment. One thing is very clear, travel and tourism in Asia are taking a
beating. From deserted hotels to empty airports, the impact of this little scrap
of protein and lipid on economies in the region is potentially enormous. In this
note, we set out a process to estimate the loss of Asian GDP through lost
tourism receipts alone, and come up with a total figure of $105-115 billion.
It's far too early to speculate how far this Covid-19 outbreak will go. But
barely two months into this epidemic and the ramifications are already
far-reaching. Parts of China are in a literal lockdown, and there is very little
travel between China and other parts of Asia. Where this still occurs, screening
and quarantine procedures are in place. Few if any Chinese travellers will
consider a two week lockdown an acceptable price for a similar length vacation
elsewhere in Asia, and not surprisingly, Asian tourists are also notable by
their absence in China."
MNI London Bureau | +44 0203-865-3809 |
MNI London Bureau | +44 0203-865-3809 |