For almost three years now, the tourism sector has been going through a really tough time. It was smashed by the COVID-19 pandemic and travel restrictions. After hitting 1.5 billion international tourist arrivals in 2019, international tourist arrivals worldwide plummeted by over 70%. It rebounded strongly in 2022 driven by pent up demand, household savings and the easing of travel restrictions – the so-called “revenge spend”. But now the sector faces an uncertain outlook – as the global economic slowdown and the fallout from Russia’s war in Ukraine brings new challenges. Tourism businesses are being hit by rising costs, and tight labour markets. The cost of living crisis is also putting pressure on household incomes and consumer spending. How can governments and businesses boost recovery in the short term and create a stronger, more sustainable tourism economy?
Hosts: Shayne MacLachlan, Jane Stacey
Guest: Sergio Guerreiro, Senior Director at Turismo de Portugal, Chair of the OECD Tourism Committee