The Economist recently released its Tourism in 2023 report assessing the growth prospects, top risks and key trends facing the sector next year stating that global tourism arrivals will increase by 30 per cent in 2023, following growth of 60 per cent in 2022, but will remain below pre-pandemic levels as the economic downturn, sanctions on Russia, and China’s zero-Covid strategy will delay recovery.
The Egyptian Cabinet Information and Decision Support Centre (IDSC)
is constantly following up on all reports and surveys issued by international organisations of importance and interest to the Egyptian side.
According to the Economist Intelligence Unit (EIU), “The tourism industry saw a strong recovery during 2022, and we expect that to continue in 2023, particularly if China starts lifting its zero-Covid policy as expected. But the industry certainly won’t be immune to the economic slowdown.
Costs have already risen sharply for fuel, electricity, food and staffing, and companies will have to pass those costs onto consumers who are already hurting from the higher cost of living. As a result, EIU has pushed back its forecast for a full recovery in international arrivals.
We now don’t expect them to get back to 2019 levels until 2024, although the Middle East is one region that will be ahead of the curve.”
Global tourism arrivals will rise by 30 per cent in 2023, following 60 per cent growth in 2022, but they will still not return to pre-pandemic levels, it said.
The economic downturn, sanctions on Russia and, above all, China’s zero-Covid strategy will be among the factors weighing on the industry, it added.
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