TCI suffers highest % of GDP loss due to COVID-19 impact on tourism

TCI suffers highest % of GDP loss due to COVID-19 impact on tourism

According to Visa service provider Official-esta.com, Turks and Caicos suffered the highest percentage of GDP lost due to the financial impact of Covid-19 on world tourism. The country has lost USD$94 million in revenue representing 9.2% of GDP, and is among five other Caribbean nations occupying the top 10 list.

The Caribbean islands which have suffered the highest percentage loss in GDP, alongside the Turks and Caicos Islands are Aruba, Antigua and Barbuda, St. Lucia and Grenada.

The United States, from which most tourists visit the TCI, reported the most Covid-19 cases (5.7 million cases) and has suffered the biggest drop in revenue with a loss estimated at USD$30,709 million.

With a reported drop of 98% in international tourist arrivals in June, Spain has the second-largest revenue loss of USD9,741 million.

France is the world’s most visited country, with over 89 million tourists each year, but the impact of Covid-19 has resulted in a revenue loss of USD$8,767 million.

Combining each country’s loss in revenue, the financial impact of Covid-19 on world tourism has resulted in a revenue loss of USD$195 billion worldwide so far.

In 2019, global travel and tourism contributed USD8.9 trillion to the world’s GDP, yet due to the current pandemic, the financial impact of Covid-19 on world tourism has resulted in a revenue loss of USD$195 billion worldwide in the first four months of 2020.

Official ESTA director of international development Jayne Forrester commented: “Taking into account how travel and tourism contribute USD$8.9 trillion to the world’s GDP alone, it is devastating to see a total loss of USD$195 billion worldwide in the first four months of 2020 alone.

“As travel bans have started to ease off from July, we only hope that we see no more significant losses to one of the largest growing sectors in the world.”

The Turks and Caicos Islands reopened its borders on July 23, but many resorts remain closed including Beaches Resort, the largest in the islands.

TCI Premier Sharlene Cartwright-Robinson said that the coutry’s GDP will be seriously impacted because of its heavy dependence upon tourism. In July, Robinson reported that the Turks and Caicos Islands economy contracted by 26 percent since the pandemic gripped the globe.

The countries which have lost the highest % of GDP due to loss of tourism: 

Rank Country % of GDP loss
1 Turks and Caicos Islands 9.2%
2 Aruba 9.0%
3 Macao SAR, China 8.8%
4 Antigua and Barbuda 7.2%
5 Maldives 6.9%
6 St. Lucia 6.2%
7 Northern Mariana Islands 5.9%
8 Grenada 5.5%
9 Palau 5.2%
10 Seychelles 4.6%