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Tourism in the Post-Pandemic World : Economic Challenges and Opportunities for Asia-Pacific and the Western Hemisphere

This departmental paper analyzes the impact of the COVID-19 pandemic on tourism in the Asia Pacific region, Latin America, and Caribbean countries. Many tourism dependent economies in these regions, including small states in the Pacific and the Caribbean, entered the pandemic with limited fiscal space, inadequate external buffers, and foreign exchange revenues extremely concentrated in tourism. The empirical analysis leverages on an augmented gravity model to draw lessons from past epidemics and finds that the impact of infectious diseases on tourism flows is much greater in developing countries than in advanced economies.

IMF negotiators reach deal with Costa Rica over $1 75 bln

By Alvaro Murillo SAN JOSE, Jan 22 (Reuters) - Costa Rica s government has reached a deal with an International Monetary Fund (IMF) technical mission over the policies that will serve as the basis for a $1.75 billion loan from the fund to the Central American country, the IMF said on Friday. Manuela Goretti, head of the IMF mission, said the two sides had agreed at staff level on economic and structural policies that would underpin a three-year agreement for the loan, which still needs approving by the IMF management and executive board. The accord, which comes after protests derailed a previous attempt by the government to secure an IMF loan last year, must also still be ratified by Costa Rica s National Assembly.

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