The Moody’s agency reported that tourism in Mexico will return to levels prior to the Covid-19 pandemic in 2022, given good vaccination rates and no travel restrictions.
“Mexican states with high concentrations of tourism will likely return to pre-pandemic hotel occupancy rates in 2022, based on the recovery of hotel occupancy rates in 2021, the increasing scope of vaccinations, and the lifting of restrictions on travel to Mexico from other countries,” he explained.
The firm recalled that the share of tourism in Mexico’s GDP contracted by 26.3% in the fourth quarter of 2020, with the greatest damage in states highly dependent on tourism, which caused sharp drops in hotel occupancy rates and the job.
Thus, own income in 2020 fell 23% in Quintana Roo, 21% in Baja California Sur, 17% in Nayarit and 16% in Guerrero, but Mexico’s tourism GDP increased by 52% during the 12 months to June 2021, and 9.2% in the second quarter of 2021.
“Hotel occupancy rates and employment have improved in tourism-dependent states, but not yet to pre-pandemic levels.
In the Covid-19 recovery environment for tourism, the increase in travel will mainly benefit banks in smaller economies that depend on tourism.
In the case of Mexico, banks are only slightly more exposed to travel and tourism, with loans to restaurants and hotels accounting for about 3% of their total loans.
“The geographic diversification of Mexican banks within the country and the strong recovery of tourism in Mexico in the second half of 2021 have outperformed most countries in the region, limiting the pressure on the quality of the assets of the lenders,” he added.
Importance of tourism
- Although tourism is increasingly taking center stage in modern society, it is not a new concept. Since ancient times, people have longed to travel to unexplored regions and enjoy the wonders of the world. There are even tales of king’s who traveled all over the world, either on his own or under the supervision of a highly trained court caste. This is yet another form of travel that’s proving to be extremely lucrative for business.
- Tourism is a vast industry which has huge worldwide economic impact. The economic importance of tourism is hard to overestimate. Over the years, tourism has become the largest world economy in history. However, there are still many people who don’t know what tourism is and what it’s all about. This article is written to be a guide for those people who are interested in entering this huge industry.
- Tourism is almost a myth. It’s not that far-fetched to think that tourism did not exist before 1930 or so, but it certainly didn’t become very popular. If you think about it, if you were born before then, you may have never even heard of it! The Internet didn’t exist and there are few societies where people knew exactly what was happening, let alone tourists!
- Tourism is one of the most important industries on the planet with over 6 billion people traveling to foreign lands every year. In order to get the most out of these precious moments, it’s important that tourists know more about their destinations. One of the most common questions asked by tourists is how important is tourism to the country where they are visiting.
- Tourism is a global business, connecting people from all over the world. It takes a lot of skill to make a successful tourist destination. In order to achieve this, you need to educate potential visitors and give them enough information to be able to make a decision to visit there. If they don’t know where to find them, or how to get there, they might never visit in the first place.
