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Tourism has been a strong and resilient economic sector over the past decade. In 2019 globally there were 1.5 billion international tourist arrivals recorded. This represented a four per cent increase over the previous year and the 10th consecutive year of growth, according to the UNWTO World Tourism Barometer.
Unfortunately, the COVID-19 pandemic interrupted this growth. The sharp decline in mobility and an increase in social restrictions have caused a slump in travel. The World Tourism Barometer reported that international tourist arrivals dropped by 65 per cent during the first half of 2020. This translates into a loss of 440 million international journeys and about $460 billion in export revenues from international tourism. More than 121 million jobs in the travel and tourism sector have been impacted globally, as at September 2020.
This year has certainly pushed us all to reimagine every aspect of our world and even redefine what success looks like. The entrepreneurial community globally and here in Malt are facing enormous challenges. Many are concerned about losing their staff, their competitive edge or even their organisation.
It is clear the global pandemic has presented difficulties for entrepreneurs, but it has also given them a chance to do what they do best. Local entrepreneurs are rising to the COVID-19 challenge by asking the questions that deliver insight and inspiration.
Many have needed to respond by acting quickly and decisively. They are unstoppable entrepreneurs, determined not just to survive this crisis but to emerge with their business stronger than ever. After all, entrepreneurs are used to navigating uncharted territory. They thrive amid uncertainty.