Egypt Watch

The IMF expects major losses for tourism in Egypt due to COVID-19

The International Monetary Fund expected that a number of countries, including Egypt, Morocco, and Turkey, would record losses in tourism revenues of more than two per cent of GDP due to the coronavirus. A report issued by the external sector of the fund said that the losses will also affect Costa Rica, Greece, New Zealand, Portugal, Spain, Sri Lanka, and Thailand in similar proportions.

Egypt was severely affected by corona in the tourism sector, which resulted in decisions to close airports and travel around the world during the period of March to June. The Central Bank of Egypt’s data revealed that the country’s tourism revenues achieved the lowest level in the last two years in the first quarter of 2020.

Tourism revenues in Egypt recorded $2.3 billion during the first quarter of 2020 compared to $2.6 billion in the same period in 2019, a decrease of 11.4 per cent.