Africa's Travel and Tourism Industry: Is Recovery at Sight?

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Friday, August 21, 2020/ 03:00PM / United Capital Research / Header Image Credit: Reuters


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Africa's Travel and Tourism Industry: Is recovery at sight? The outbreak of COVID-19 pandemic has left a devastating impact on economies across the world. Notably, the Travel and Tourism industry which contributes over 150.0bn Euros (change to dollar) to Africa's economy, according to the World Travel & Tourism Council, has been one of the hardest hit industries by the pandemic, as governments implemented travel restrictions to curb the spread of the virus. According to African Union (AU), African countries lost up to $55.0bn in travel and tourism revenues in three months amid the lockdown measures implemented across the globe.

 

This was as the International Air Transport Association (IATA) estimated that the international tourist arrivals in Africa could decline by 1.0% to 3.0% in 2020. However, as the world economies begins to re-open for business the big question of how soon the Travel and Tourism industry can recover becomes valid. Although most foreign economies are starting to ease travel restrictions, majority of African countries remain blacklisted amid concerns over the rising case of COVID-19 within the region. Accordingly, we believe that the recovery of the African travel and tourism industry will vary from country to country, depending largely on the international visitor's confidence in the measures put in place by the various governments within the continent

 

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Looking Forward

 

Angola

Jul-2020 Net Reserves - August 23rd

 

Kenya

Jul-2020 Money Supply - August 25th

 

Morocco

Jul-2020 Money Supply - August 28th

 

Nigeria

Q2-2020 GDP Report - August 26th

Jul-2020 Private Sector Credit - August 27th

Jul-2020 Money Supply - August 27th

 

South Africa

Jul-2020 Inflation Report - August 26th

Jul-2020 Private Sector Credit - August 31st

Q2-2020 Unemployment Report - August 31st 

 

Visit African Markets in Proshare MARKETS 

 

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