Description
Title: The Multiplier Effects of Tourism on COVID-19’s Effect on the US Economy
Abstract: This article examines the multiplier effects of the pandemic’s decline in tourism activity on the US economy’s gross domestic product, employment, and external sector. We accomplish this using an input-output model and the most recent input-output data from the database of the Organization for Economic Co-operation and Development (OECD). It was discovered that for every USD million decrease in tourism receipts, net output decreases by approximately USD 1.53, employment declines by approximately 16.86 people, and imports decline by approximately USD 0.20 million. Comparative analysis of these results with the economy’s average multipliers shows that tourism is a significant sector of the US economy. According to the analysis of the data, the decline in tourism activity that was observed in the year 2020 is responsible for about one-fourth of the apparent recession in the US economy.
Keywords: coronavirus; US economy; multiplier effects; tourism sector
Paper Quality: SCOPUS / Web of Science Level Research Paper
Subject: Economics
Writer Experience: 20+ Years
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