UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT COVID-19 AND TOURISM ASSESSING THE ECONOMIC CONSEQUENCES EMBARGO The contents of this report must not be quoted or summarized in the print, broadcast or electronic media before 1 July 2020, 13:00 GMT (15:00 Geneva) 2020, United Nations Conference on Trade and Development. The ?ndings, interpretations and conclusions expressed herein are those of the authors and do not necessarily re?ect the views of the United Nations or its of?cials or Member States. The designations employed and the presentation of material on any map in this work do not imply the expression of any opinion whatsoever on the part of the United Nations concerning the legal status of any country, territory, city or area or of its authorities, or concerning the delimitation of its frontiers or boundaries. This document has not been formally edited. TABLE OF CONTENT COVID-19 AND TOURISM: ASSESSING THE ECONOMIC CONSEQUENCES 2 Abstract The COVID-19 pandemic has caused signi?cant disruptions in the global economy. By the end of the ?rst quarter of 2020, the COVID-19 pandemic had brought international travel to an abrupt halt and signi?cantly impacted the tourism industry. For many developed and developing countries, the tourism sector is a major source of employment, government revenue and foreign exchange earnings. Without this vital lifeline, many countries may experience a dramatic contraction in GDP and a rise in unemployment. Using a computable general equilibrium model (GTAP), we assess the implications of