COVID-19 Cost Morocco’s Tourism Sector MAD 18.3 Billion By End of July

Rabat – The COVID-19 pandemic crisis caused Morocco’s tourism sector a loss of MAD 18.2 billion ($2 billion) in the first seven months of 2020. The number represents a decline of 44.1% in revenue, according to the Directorate of Financial Studies and Forecasts (DEPF). The new notice on the tourism sector’s status said that revenue […] The post COVID-19 Cost Morocco’s Tourism Sector MAD 18.3 Billion By End of July appeared first on Morocco World News.

COVID-19 Cost Morocco’s Tourism Sector MAD 18.3 Billion By End of July
Rabat – The COVID-19 pandemic crisis caused Morocco’s tourism sector a loss of MAD 18.2 billion ($2 billion) in the first seven months of 2020. The number represents a decline of 44.1% in revenue, according to the Directorate of Financial Studies and Forecasts (DEPF). The new notice on the tourism sector’s status said that revenue decreased by 90.1% for July specifically. Tourist arrivals and overnight stays registered at classified accommodations decreased by 63.5% and 59.1%, respectively, by the end of June. In August, DEPF reported a decline in tourism receipts by 33.2% in the first six months of 2020. The number represents a loss of MAD 11.1 billion ($1.2 billion). Morocco’s government acknowledged that the COVID-19 crisis directly impacted tourism revenue. The country closed its borders in mid-March and declared a state of emergency shortly after, causing a remarkable financial crisis across several sectors. The closure of borders and other circumstances of the COVID-19 crisis led millions of tourists to cancel their trips to Morocco. In August, Morocco signed a project contract to revive its tourism sector, bringing public and private actors together to mitigate the negative effects of the COVID-19 pandemic. The contract, which covers the 2020-2022 period, covers 21 measures to assist the sector—a key pillar in Morocco’s economy. The sector contributes to Morocco’s GDP with 11%. A recent report from the International Monetary Fund (IMF) shows that Morocco’s tourism sector is the fourth most impacted by the COVID-19 pandemic across the world. Morocco’s Tourism Minister Nadia Fettah Alaoui said earlier this month that the sector should take advantage of the pandemic to enact constructive reform. She said that the crisis offers an opportunity to transform the sector. A change is possible by “adapting to new market realities,” she underlined. The post COVID-19 Cost Morocco’s Tourism Sector MAD 18.3 Billion By End of July appeared first on Morocco World News.