Cairo – Mubasher: Egypt’s losses in tourism revenues could exceed 2% of the country’s gross domestic product (GDP) in 2020 due to the coronavirus (COVID-19) crisis, the International Monetary Fund (IMF) said in a report on Tuesday.

The expectation is based on a recent study by UN World Tourism Organization (UNWTO) that forecasts a gradual lifting of travel restrictions starting in September.

Tourism revenues are expected to drop by 73% year-on-year (YoY). Losses in tourism proceeds of more than 2% of GDP are likely to be “among large net tourism exporters, such as Costa Rica, Egypt, Greece, Morocco, New Zealand, Portugal, Spain, Sri Lanka, Thailand, and Turkey.”

“Although uncertainty is high, the effects on tourism may persist to some extent in 2021 and beyond,” the IMF noted.

During the first quarter (Q1) of 2020, Egypt’s tourism revenues dropped by $300 million or 11.5% YoY to $2.3 billion, according to data by the Central Bank of Egypt (CBE).