| Abstract: |
The outbreak of COVID-19, labeled as a black swan event, causes significant
damage globally due to its fatality. The COVID-19 pandemic has expanded across
the world by creating shocks in almost all the industries due to the
restrictions, curfews, stay-home and work-from-home policies, and quarantines.
As a result of the health and economic crisis with the COVID-19 pandemic, the
tourism sector got severely affected. The UNWTO has estimated a loss of
approximately 1.1 billion international tourist arrivals, with a loss of US$
910 to 1.1 trillion export revenues and 100-120 million jobs due to the wider
spread of the novel coronavirus. Therefore, this paper aims to determine the
impact of the COVID-19 outbreak on the tourism industry on a global scale. The
study focuses on all countries in the world and discovers the challenges they
confronted in tourism and the strategies to overcome those challenges in the
short- and long-term while minimizing the economic shocks due to the pandemic.
The researchers use a secondary source of data due to the unavailability of
essential data for further statistical analysis. The significant findings
highlighted the negative impact of the Virus outbreak on the tourism industry
and the decline of supporting sectors such as air travel and hospitality
industry in a global context. The paper illustrated the adverse effects of
COVID-19 on the tourism industry with data available. The findings will help
to face challenges in the tourism industry, and strategies to overcome viral
infections in the future are recommended. |