The Economic Impact on Tourism Industries from Covid

Abstract

Abstract: This paper analyzes the impact on tourism industries and sectors on the Global GDP from Covid 19. The impact on Covid-19 has impacted a lot of tourism industries around the world; particularly the European Countries where Netherlands and Italy both rely heavily on tourism. For these, variables that were used, Y (GDP) was used as the dependent variable, and Lock down, Tourism, Debt, and Governance were the Independent Variables. Using these two countries on the Netherlands and Italy, we use the data to compare the actual values versus the predicted values to see which Y variable (GDP) between Italy and Netherlands, has a greater impact on its tourism industries due to Covid. Based on what was found, Italy had a greater GDP impact overall from Covid than the Netherlands for both the actual and predicted values. Since the pandemic occurred, this placed a negative impact on the tourism industries which only few travelers have visited different countries. Many of its tourism industries suspended their operations due to the travel ban for different parts of the country. As a result of the decline in tourist, many of its industries are on the verge being bankrupt. With so many tourism industries losing its GDP and revenue, there have been more layoffs towards its employees since there are very few visitors that go to tourism industries. The estimation is that tourism economy will lose an enormous amount of revenue around a million dollars due to the travel bans and decrease in demand for consumers all over the world. Description: This project is about how Economic tourism industries are being impacted by Covid 19. Over the course of the years, Pre-Covid, many of the Countries (Europe) and (Asia) had an increase in the amount of tourist and revenue. That is until 2020, when the Coronavirus came, many of the governments imposed travel bans and lock downs to prevent the spread of Covid 19. As lock downs were imposed, a lot of the revenues were decreasing as well as the demand on consumers. Thus making the overall GDP lose billions of dollars in revenue as a result of Covid-19.