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COVID-19 and the Sri Lankan Economy

Source: Monthly Tourist Arrivals Report, February 2020, Sri Lanka Tourism Development Authority.  Table 2 highlights the tourist arrivals from the top 10 tourist markets in February 2019 and February 2020 along with a comparison with April 2020. With the declining trend of Chinese tourist arrivals due to COVID-19, the UK, Russia and Germany have become the topmost countries providing tourists to Sri Lanka after India. Nevertheless, the majority of European countries are suffering from COVID-19 and, therefore, the tourism sector of Sri Lanka has been dramatically affected, especially after losing tourists from European countries. In the immediate aftermath of the pandemic, that is in April 2020, tourist arrivals saw a significant decline. Further, tourist arrivals from all the top markets dropped from 84% to 100% by 2021 when compared with the 2019 figures for the same. As a result, Sri Lanka’s total tourist arrivals during the period between January to April 2021 have dropped by

Indian Tourism booming by the trillions

A new report shows that the systematic growth, maintenance, and sustainable development of tourism destinations for India, as well as focus on promoting the emerging avenues of tourism, will be essential towards unlocking the nation’s true tourism potential. In a FICCI-Yes Bank Report titled “India Inbound Tourism: Unlocking the Opportunities” highlights India as a tourism powerhouse. The sector has generated USD 247.3 billion (INR 16.91 trillion) in 2018, with a growth of 6.7% and accounted for 9.2% of the total economy. Currently, it is the 8th largest country in terms of contribution to travel and tourism GDP and the largest market in South Asia. By 2029, the Indian tourism sector is likely to grow at 6.7% per annum to reach INR 35 trillion (USD 501.4) with 9.6% of GDP.

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