Ongoing Economic, Geopolitical Crises Make Sri Lanka Tourism Industry Revival Uphill Task

GlobalData | August 19, 2022

The travel and tourism sector is an important income generator for Sri Lanka. However, the ongoing economic crisis coupled with Ukraine–Russia war and China’s zero-COVID policy has put the sector in jeopardy. Against this backdrop, the country will face an uphill task in restoring a once thriving sector, says GlobalData, a leading data and analytics company. Tourism accounted for more than 12% of the country’s GDP in 2019 and the third-largest source of foreign exchange reserves – behind worker remittances and the apparel industry. According to GlobalData, international arrivals in Sri Lanka more than quadrupled from 448,000 to ...