Moody’s: Greece can weather a prolonged tourism decline
Most European sovereigns, including Greece, can weather a prolonged tourism slump, Moody’s said in a statement on Monday, according to ANA.
The drop in tourism in the countries of the European South is likely to last beyond 2020, but they can weather a prolonged tourism slump thanks to the adjustment they have made in recent years and the significant support from the policies of the European Central Bank and the EU recovery fund, it said.
The European countries most exposed to the fall in tourism – due to the importance of the sector in their economies – are Portugal, Greece, Malta, Spain, Cyprus, Croatia, and Italy, according to Moody’s adding that the sector will remain weak beyond the 2020 travel period.
Despite the lifting of travel bans between EU countries, it explained, continuing consumer health and safety concerns, quarantine rules and economic recession due to the crisis means that the current downturn is increasingly likely to last beyond the summer of 2020.
You may be interested
How Productive is an Hour of Work (where is Greece)? (infographic)Panos - Jun 17, 2021
Figures from the OECD reveal the countries in which the average hour of work contributes the most to GDP. As…
Biden’s blunder as he confuses Putin with Trump (video)Panos - Jun 17, 2021
The American president Joe Biden’s blunder after the meeting with his Russian counterpart, Vladimir Putin, in Geneva has gone viral. It…
How the Hellenic Navy tricked a Turkish corvette trying to stop a live fire exercise (photos)Panos - Jun 17, 2021
The Turkish corvette Baykoz, which had departed from the Aksaz Turkish Navy Base opposite of Rhodes and was sailing west…