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dc.titleExtreme Outlier: The Pandemic’s Unprecedented Shock to Tourism in Latin America and the Caribbean
dc.contributor.authorMooney, Henry
dc.contributor.authorZegarra, Maria Alejandra
dc.contributor.orgunitCountry Department Caribbean Group
dc.coverageTrinidad and Tobago
dc.coverageJamaica
dc.coverageBahamas
dc.coverageBarbados
dc.coverageLatin America and the Caribbean
dc.date.available2020-06-30T00:00:00
dc.date.issue2020-06-30T00:00:00
dc.description.abstractThe COVID-19 crisis will have devastating implications for countries around the worldparticularly tourism-dependent economies. This paper highlights the vulnerability of many Latin American and Caribbean countries, that are among the most dependent in the world on the tourism sector. Using shock simulations applied to activity in the tourism sector, it highlights how potentially damaging the pandemic could be for output, employment, and the balance of international payments across the region. The analysis suggests the pandemic is likely to imply an unprecedented shock, and that governments will have to look beyond traditional policy tools to safeguard their economies and citizens, and to ensure that the tourism sectorboth operators and those employed by the sectorwill be in a position to resume its substantial contribution when the crisis dissipates. COVID-19 represents an unprecedented extreme outlier event, and government efforts to protect the sector and their citizens must be equally unparalleled.
dc.format.extent19
dc.identifier.doihttp://dx.doi.org/10.18235/0002470
dc.identifier.urlhttps://publications.iadb.org/publications/english/document/Extreme-Outlier-The-Pandemics-Unprecedented-Shock-to-Tourism-in-Latin-America-and-the-Caribbean.pdf
dc.identifier.urlhttps://publications.iadb.org/publications/spanish/document/COVID-19-Shock-sin-precedentes-sobre-el-turismo-en-America-Latina-y-el-Caribe.pdf
dc.language.isoen
dc.mediumAdobe PDF
dc.publisherInter-American Development Bank
dc.subjectTourism
dc.subjectExport
dc.subjectFinancial Crisis
dc.subjectGross Domestic Product
dc.subjectCoronavirus
dc.subjectPandemics
dc.subjectExternal Shock
dc.subject.jelcodeF4 - Macroeconomic Aspects of International Trade and Finance
dc.subject.jelcodeJ6 - Mobility, Unemployment, Vacancies, and Immigrant Workers
dc.subject.jelcodeO1 - Economic Development
dc.subject.jelcodeA1 - General Economics
dc.subject.jelcodeE17 - Forecasting and Simulation: Models and Applications
dc.subject.keywordsTourism;Coronavirus;pandemic;COVID-19;balance of payments;economic crisis;shock simulations;shock scenarios;tourism dependence
dc.typePolicy Briefs
idb.identifier.pubnumberIDB-PB-00339
idb.operationRG-P1785
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