The Asian Development Bank (ADB) released a report on Tuesday stating that the tourism industry in Asia and the Pacific has begun to recover and may return to pre-pandemic levels by 2024.
The number of international tourists to the Asia-Pacific region increased by 390% year-on-year in the first eight months of 2022, according to the Asian Economic Integration Report 2023. However, this increase amounted to only 10.3% of the 2019 level.
According to the report, “the variation is largely driven by differences in the pace of border reopening, public health protocols, and people’s confidence in overseas travel.”
The ongoing conflict between Russia and Ukraine, the research noted, also posed a downside risk to Asian tourism, with the possible loss of nearly one-third of Russia’s outbound travelers.
It was also noted that “weak global growth prospects” and “higher fuel prices translating to higher airfares and travel expenses” are slowing the rebound.
