Southern Europe: Tourism Lessons from the Summer as we go into the Winter
With the holiday season in Europe behind us, the recent data releases confirm that the travel and tourism sector in Southern European countries suffered heavy losses due to the effects of the Coronavirus Disease (COVID-19). Our previous commentary on this subject, published in September, assessed mostly structural factors and found that Southern European economies in the euro area such as Greece, Cyprus, Malta, Portugal, Spain, and Italy are more vulnerable to the downturn in tourism brought about by the pandemic. To some extent, this is already evident in the relative macroeconomic performance of these countries in comparison to their EU peers.
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