Economist`s pessimistic forecast: $22 bn in damage possibly awaits tourism sector in 2020


March 3, Fineko/abc.az. According to preliminary estimates, $22 bn will be lost in the tourism sector this year as a result of coronavirus infection.

ABC.AZ was informed on the occasion by the head of the Center for Economic & Social Development and economist Vugar Bayramov, when commenting on the impact of the coronavirus on the world economy.

He also noted that during the spread of the coronavirus the shares on the stock exchanges have depreciated more than by $2-3 trillion.

According to Bayramov, the coronavirus has negative impact on the world economy, and the geographical spread of the infection at the global level leads to decrease in the rate of global economic growth in percentage terms: "On the other hand, the coronavirus problem has had serious impact on a number of sectors, especially the tourism sector. Naturally, exchanges feel the influence of the coronavirus. The oil market is one of the markets which has been strongly affected by coronavirus. Lower global economic growth also leads to lower demand for oil. The demand for oil is one of the main factors that determine the price of oil on world markets."

By Elmir Murad