The Philippines, Thailand, Mexico, Spain, and Italy can expect the biggest recouped gains once the pandemic crisis finally ends, according to the calculations by Bloomberg Economics.
Though it could still take time before international travel fully recovers from the pandemic. Moreover, it’s likely that domestic travel will be the first to bounce back, including the displacement of spending by outbound tourists to the home market, thus, countries with a large share of domestic and outbound tourism will fare better.
Philippines and Thailand faced the biggest net losses in the world when airports and hotels closed because of the coronavirus. The Philippines suffered 15-20% GDP losses, according to calculations by Bloomberg Economics of the world’s largest 40 economies.