Is Passive Income Truly Achievable?

 LiudmylaSupynska | Getty Images

For the last several years, passive income has been hailed as a near-perfect approach to generating wealth, appealing to entrepreneurs, investors and average working professionals alike. But the promise of effortless income generation sounds suspicious on its surface. Is there really a way to generate revenue without hours of work? And if so, is it accessible to the majority of the population?  

The Idea Behind Passive Income

Strictly speaking, passive income is any kind of recurring income that is generated without ongoing demands for your time and effort. Wages are paid hourly and salaries are paid on an annual basis, with both forms of compensation contingent upon your working a specific number of hours; these are not passive. Instead, a passive income source would be one that sends you a check in the mail periodically, without any effort on your part.

Related: 7 Ways to Make Extra Income Even With a Full-Time Job

Common Examples of Passive Income

To better understand what passive income is and how it works, let’s look at some of the most commonly cited examples of passive income in action:

  • Dividend-paying stocks. First, there are dividend-paying stocks. Stocks represent fractional shares of ownership in public companies. In many cases, those companies decide to distribute profits regularly in the form of quarterly dividends; shareholders can count on a set amount of quarterly income based on the number of shares they hold.
  • A monetized blog. If you start a blog that generates a sizable amount of traffic, in the realm of thousands of visitors per month, you can start monetizing it with the help of ads, affiliate links, premium content or other paid features. You’ll earn a share of revenue based on the number of people you attract, the number of sales you make or other factors.
  • Rental properties. With rental properties, you can buy a property, attract a tenant and collect an amount of rent that exceeds your monthly expenses. With a decent profit margin and a few properties under your belt, this can add up to be a lot of income.
  • Digital goods. You can also make passive income with the help of digital goods, like eBooks or stock photography. After developing these digital goods and marketing them consistently, you may be able to generate recurring revenue from all their future sales.

The “Passive” Income Myth

All these methods are proven to be capable of generating income. More than that, they’ve been responsible for developing many self-made millionaires. But it’s not the “income” part of the term we’re concerned with as much as the “passive” part of the term.

Passive income is rarely passive in the truest sense; while these (and other) passive income sources may require less effort than a full-time job, they may require effort in other formats and in other contexts.

Let’s take a look at each of these:

  • Stock research and initial capital. It’s not hard to get involved with dividend stock investing, but you’ll still have to spend time researching which stocks are available so you can maximize your return. Additionally, you’ll need a sum of initial capital to achieve a meaningful stream; many dividends only pay 2 to 4 percent annually, so investing $100 won’t give you much of a return.
  • Blog setup and maintenance. According to The Blog Starter, “It’s easier than ever to start a blog — but even with a good plan in place, there’s no guarantee you’ll be successful. It takes a lot of time to create content for the blog, research your target audience and refine your approach over time.” Since you’ll also need to produce new content on a regular basis, even a successful monetized blog will require at least a part-time job’s worth of effort.
  • Property research and maintenance. Investing in rental property requires significant upfront capital (not unlike investing in stocks), and to be successful, you’ll need to carefully research and vet each prospective property. You’ll also need to maintain your properties and manage tenant turnover, or else cut into your profits by working with a property management firm.
  • Digital good development. If you want to sell an eBook or stock photography, you’ll need to produce those assets first, then find a service like Shutterstock where you can sell them. This often requires dozens, or even hundreds of hours of upfront effort, and then you’ll need to market your work.

Related: 10 Ways to Make Money While You Sleep

Some people have claimed that passive income is a myth, but that may be a little extreme. Instead, a more accurate assessment may be that passive income isn’t truly passive. No matter what, you’ll still need to put in the time and effort to make your income-generating strategy work; it’s just in a different format than your conventional job.

By

Source: Is Passive Income Truly Achievable?

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Illustration by Anson Chan

Social media is flooded with real estate promotions, and no one is sure what laws apply. But when things go wrong, investors and tenants have a lot to lose

Last summer, Hamilton realtor Sean St Cyr promoted a lucrative real estate investing opportunity across a number of Facebook groups. Investors could receive an average annual return of 20.2 per cent, the post stated, if they gave him a minimum of $100,000 to purchase a derelict three-storey building in the city’s east end, an area that has been in decline since a steel plant there started running into trouble decades ago.

“Have you ever wanted to learn how to make serious money in real estate like the pros?” Mr. St Cyr said in one of his many promotions for the deal. On Facebook, Instagram and LinkedIn, Mr. St Cyr regularly shares tips with his thousands of followers about how to make money through real estate investing. They are posted alongside photos of his travels and meals from the 35 countries he says he has visited.

Mr. St Cyr, a self-described international real estate investor and foodie, is one of the many investors looking for other people’s money, or OPM, on social media to fund real estate deals. He and legions of other promoters have helped fuel the real estate investing craze in Canada that revved up when home prices soared and COVID-19 restrictions led people to spend more time online.

Every day, across the country, there’s a steady stream of requests in Facebook groups and personal pages for money to buy rental properties. Many of the promoters are everyday Canadians who have learned investing techniques online themselves. Some of them promise mind-blowing profits and often dispense real estate investment advice.

No one knows how many investors have got involved in real estate because of this explosion of online promotion. But over the first year of the pandemic, investor buying of residential properties doubled in Canada. By the middle of last year, investors accounted for more than a fifth of the country’s home purchases.

However, with interest rates rising and real estate markets cooling, promoters may not be able to deliver the profits they have promised their investors. That has upped the pressure on them to further raise rents, worsening the country’s affordable housing problem at a time when inflation has eaten away at Canadians’ pocketbooks.

When things go wrong with real estate, they can really go wrong. Tenants, including society’s most vulnerable, can be harshly evicted in the name of investment returns. Investors, many of whom call themselves risk-averse, lose their life savings. And no one has a full grasp of the impact these investors have on the real estate market.

Regulators do not appear to be paying attention, either. Many promotions appear to be skirting securities rules. Promoters are either unaware of the rules or know they can get away with not complying with them. Without enforcement, promoters are raising capital with little to no legal scrutiny…Continue reading

Source: Other people’s money, everyone’s problem: How real estate influencers are fuelling the housing crisis – The Globe and Mail

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Dividend-Payers Still Shine Brightly As Stocks Stage Bounce-Back Rally

After seven straight down weeks for the S&P 500 Index and eight weeks of declines by the Dow Jones Industrial Average, stocks staged a big comeback from lows last Tuesday to finish the week with robust gains across the board. Sentiment gauges from the AAII survey to Investor’s Intelligence’s roundup of investment newsletter editor outlook had been flashing multi-decade highs in pessimism. Technically, put-call ratios had also spiked to levels associated with widespread panic. but now they are on the decline and helping to thrust stocks higher as pessimism recedes from unsustainable peaks.

The most important piece of economic news came out on Friday after the rally was well underway when the Commerce Department reported that the core personal consumption expenditure (PCE) price index rose at a 4.9% annual rate in April, which was a deceleration from the 5.2% pace in March. The report provided hope that the Federal Reserve would not need to be as aggressive as planned in hiking rates in the coming months. Next Friday’s nonfarm payrolls report for May will be another critical piece of data for handicapping the Fed’s moves.

By the end of the week, both the S&P 500 Index and the Russell 2000 Small Cap Index had both gained 6.6%. It would not be unreasonable to see this rally take the S&P 500 to it’s declining 50-day moving average, but there is a lot to prove for the bulls to make this burst of buying anything more than a rally within a larger downtrend.

The biggest gains last week came from the sector that has been the most beaten down this year: Consumer staples jumped higher by 9.5%. A 4.3% increase in crude oil prices helped drive the energy sector higher by 8.3%. Growth stocks outperformed value, and domestic equities performed better than international stocks.

Equity Income Universe: Last week, the top performing equity income funds that we track were the WisdomTree MidCap Dividend (DON DON +6.6%) and FlexShares Quality Dividend (QDF QDF +6.3%).

Dividend growth funds have been big underperformers this year, but the style shined last week with T. Rowe Price Dividend Growth (PRDGX +6.2%), WisdomTree U.S. Quality Dividend Growth (DGRW DGRW +6.2%) and Vanguard Dividend Appreciation Index (VIG VIG +6.2%) all gaining more than 6%.

Also jumping more than 6% were the year-to-date total return leader, Alerian MLP (AMLP AMLP +6.2%) master limited partnership ETF, and the VanEck BDC Income (BIZD BIZD +6.2%) business development company ETF.

FDI Portfolio Action: Last week’s Forbes Dividend Investor portfolio of 22 stocks gained an average of 4.87%, with only two stocks failing to post positive returns.

Our top performer was master limited partnership Holly Energy Partners, L.P. (HEP +8.9%). Also higher by more than 8% for the week were Luxembourg-based steel maker Ternium TX SA (TX +8.7%), chemicals maker LyondellBasell Industries LYB NV (LYB +8.5%), and International Business Machines (IBM +8.4%).

Capturing Call Premium On The Bounce

A medium-term bearish environment with at least a temporary burst of bullishness is one in which selling covered calls makes sense. Last Monday, we sold covered calls on Tyson Foods TSN (TSN +6.8%) and Kraft Heinz (KHC -0.3%). Both companies had ex-dividend dates last week.

Selling the same TSN $87.50 July 15 calls would now earn you $5.30, based on Friday’s closing price for Tyson of $91.04. With Kraft Heinz, the $39 July 1 calls we sold for $1.30 last Monday now trade for only $0.65-$0.70. Going out to the July 15 expiration and selling slightly in-the-money KHC $37.50 calls earns premium of $1.65-$1.70.

John Dobosz

I am the deputy editor of investing content for Forbes Media. I’m responsible for money and investing coverage on Forbes.com and in Forbes magazine.

Source: Dividend-Payers Still Shine Brightly As Stocks Stage Bounce-Back Rally

Highest Dividend-Paying Stocks in the S&P 500

Part of the reason we are seeing a “risk-off” environment on Wall Street in 2022 is because – for the first time in a long time – you can get a decent payday in traditional fixed-income investments thanks to a rising interest rate environment. Consider that 10-year Treasury bonds pay almost 2.9% right now – more than double the yield of last summer – while the S&P 500 averages a dividend yield of just 1.4% right now. Many income investors aren’t willing to settle for the risk of stocks when they can instead get significantly higher yield in bond markets. However, the following S&P 500 components offer a way to tap into outsized yield that may make them worth a look – with a minimum yield of 4.7% and payouts as high as 8.6% at current pricing.

By now, everyone knows how bad smoking is for your health. But as with sugary soft drinks or fatty fast food, just because something is unhealthy doesn’t mean consumers will stop buying it. And as we enter a period of volatility for the stock market thanks to price inflation, many investors are learning that smokers are incredibly reliable customers. That makes $160 billion tobacco icon Philip Morris a slam dunk thanks to leading brands such as Marlboro, the best-selling cigarette in the world, along with its other popular products. PM dividends have roughly doubled from 64 cents quarterly back in 2011 to $1.25 as of the beginning of this year, adding up to one of the best yields in the S&P 500 index.

Office real estate operator Vornado has a portfolio concentrated in the nation’s key metropolitan markets, including prime properties in New York City, Chicago and San Francisco. Vornado is also the leading firm when it comes to sustainable commercial properties, with over 23 million square feet of Leadership in Energy and Environmental Design, or LEED, certified buildings. Structured as a REIT, or real estate investment trust, VNO must deliver 90% of its taxable income back to shareholders each year – meaning a mandate for consistent and generous dividends for shareholders.

Another REIT, Simon differs from Vornado in that it is one of the largest mall owners in America. Its locations are focused on shopping, dining, entertainment and mixed-use destinations instead of commercial real estate high-rises. COVID-19 was naturally quite tough on Simon; however, the recovering economy and the decline of social distancing restrictions has allowed SPG to get back on track. Shares have more than doubled from this time two years ago, and Simon just gave dividend investors a lot more to like with a big boost of almost 27% in its payout this year.

Old-school tech giant IBM isn’t often included in the same conversations as dynamic and younger firms like Amazon.com Inc. (AMZN) or Google parent Alphabet Inc. (GOOG, GOOGL). However, “Big Blue” still has a lot to offer. Its deep enterprise technology relationships in software, consulting and IT infrastructure make the company tremendously profitable. Though the company forecast earnings per share north of $10.50 next fiscal year, dividends currently only add up to $6.56 annually. That means the generous dividends aren’t just sustainable but ripe for future increases down the road, even if earnings don’t grow at the outsized rates you’ll find at more ambitious Silicon Valley firms.

Big Oil companies have gotten a lot of attention this year, but integrated energy giants that have risen along with crude oil are not as generous with their dividends as smaller and more focused players like Oneok. OKE is a play on the “midstream” portion of the energy business alone, which involves transportation and storage and is not exposed to the risks of commodity price volatility. Oneok helps move natural gas around the U.S. and charges fees for that service, then passes a portion of that cash on to shareholders. Income investors will take comfort in this stable model, which supports strong cash flows regardless of the price of a barrel of oil in 2023 and beyond.

KMI is another energy infrastructure company operating across North America, with a network of natural gas and crude oil pipelines, as well as storage and processing facilities. All told, the stock owns roughly 83,000 miles of pipelines and almost 150 terminals and is valued at nearly $45 billion. With a scale like that, alongside a midstream focus that insulates it from the ups and downs in oil and gas prices, it should be no surprise that KMI is one of the most reliable income plays in the S&P 500 right now.

You may see AT&T stock in some screening tools with a higher yield, but keep in mind that is based on previous payouts before a recent spinoff of Warner Bros. Discovery Inc. (WBD) that reduced both the market value of parent AT&T along with its dividend potential. However, a new dividend run-rate of about 28 cents per share quarterly annualizes to a yield that is more than four times the typical S&P 500 component. And furthermore, the spinoff helps management focus on the core business of this long-standing telecom leader. Shares have rallied strongly since March as Wall Street has looked ahead to life after the split, and with a big-time payout there’s reason to think this run could continue in 2022.

The $100 billion tobacco icon Altria is behind some of the biggest brands in North America, including its flagship Marlboro cigarettes, Black & Mild cigars and smokeless tobacco products including Copenhagen and Skoal. Yes, the health risks of these tobacco products are real. But that doesn’t stop millions of customers from buying Altria products despite this. And with the company increasingly looking beyond this core revenue stream to cannabis-related goods and vaping products, there’s a good chance this “sin stock” will see consistent profits and generous dividends for the foreseeable future regardless of whatever morality you assign to its business model.

Lumen is a telecommunications company offering voice and data connections, along with related services including cloud solutions and cybersecurity add-ons. CenturyLink rebranded itself Lumen Technologies a few years ago, in the wake of a series of big-time acquisitions including the purchase of Level 3 Communications for about $25 billion, but despite that big price tag the current LUMN stock valuation is only about $12 billion or so. There are challenges for this second-tier telecom, including its large debt load from those previous deals. However, income investors who don’t mind the risk may be interested in the big-time yield of this top S&P dividend stock as a hedge against potentially lackluster share performance.

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Why The World’s Wealthy Have Quietly Moved To Dubai

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This summer, fresh from the West Coast of the U.S., a tech entrepreneur arrived in Dubai. In tow were his family, their family office and a fleet of 30 luxury cars. Everything a billionaire needs to start a new life in Dubai.

“It’s very safe here for my children. L.A. isn’t what it used to be. Crime has risen since Covid,” says the entrepreneur in his mid-50s who did not want to be named.

Finding a house with space for 30 cars was not easy, says Rohal Kohyar, marketing director of Luxhabitat Sotheby’s International Realty. Eventually a villa on its own private estate was identified. It had a basement that could be converted into a giant garage.

Nor was setting up the family office straightforward. Family offices on this scale manage hundreds of millions of dollars in private wealth, a task that requires a team of around 30 specialists.

“We’ve had to increase the salary for an E.A. (executive assistant) position for it to be attractive for people to come back to the U.A.E.,” says Zahra Clark, head of the MENA region for Tiger Recruitment.

During the pandemic many expats left Dubai for home. But with so many wealthy families now relocating to Dubai, recruiters are having to offer big incentives to lure investment professionals back to the Emirate.

Kohyar estimates 20 billionaires have bought property in Dubai this year, and Luxhabitat Sotheby’s International Realty has seen around a 300% increase in business compared with the same period last year.

According to the Dubai Land Department, the volume of property sales in Dubai increased by 136.5% in August compared to the same month last year. Villa sales were up 124% thanks in part to the sale of several Dh 100 million ($27 million) villas in Dubai Hills Grove area. “Normally we do one or two Dh 100 million ($27 million) deals a year. This year we’ve already done nine of them,” says Kohyar.

Real estate booms have come before, but this time is different, says Kohyar. “Now people are buying these luxury properties to actually live in them with their families.”

And they are in a rush, he says. Buyers are not waiting around for developments to be finished off. “They have to be ready now now.” The rich are suddenly in a hurry.

There is something else happening in Dubai that is different: People are coming from further afield. Kohyar says most of his clients are coming from major European countries, like the U.K., Switzerland and Germany. Of the super-rich setting up family offices in Dubai, Clark says most are from the U.S. and U.K. Other recruiters say there is a heightened interest from Singapore and Hong Kong.

Many were impressed with the way Dubai handled the pandemic. Vaccines were rolled out quickly among Dubai’s three million residents, P.C.R. tests are cheap and available, and the country only suffered a brief lockdown in March and April of 2020. “We’re busier now than pre-Covid. This will continue for as long as Europe, U.K. and the U.S. can’t get things right in how they’re dealing with the Covid situation,” says Clark.

But in reality, the pandemic hit Dubai very hard. Thousands of skilled expats started heading home as jobs dried up, the cost of living spiraled and they worried about being stranded abroad.

Dubai’s rulers suddenly realized the fallibility of their economy. Expats brought with them businesses, wealth and entertainment. Without them, Dubai’s own talented or entrepreneurial youth might follow them overseas.

In an effort to reverse this brain drain, the U.A.E. government started offering “golden visas” to high achievers. The 10-year residency visa was created in 2019, but since the beginning of this year it has been handed out to top students, successful entrepreneurs and award-winning actors.

In July, 45 students who scored more than 95% in their exams were granted golden visas. Raghad Muaiyad Asseid Danawi, a 17-year-old Jordanian student studying at Dubai’s Qatr Al Nada School was among them. “This is a great opportunity for me, my parents and siblings,” she told Khaleej Times.

That same month, the U.A.E. made 100,000 golden visas available to computer coders. Having lost out to Europe, and Silicon Valley, Dubai now wants to establish itself as a tech hub and has a target to establish 1,000 major digital companies over the next five years.

Alongside students and computer coders, the U.A.E. has also been handing out golden visas to actors. Yasmin Abdelaziz, a popular Egyptian actress was given a golden visa in July, joining a trio of Lebanese pop-stars-Najwa Karam, Marwan Khoury and Ragheb Alama-who have already been given the visa.

All of this makes Dubai more attractive for the wealthy. For Dh 10 million ($2.7 million) they too can have a golden visa. And, thanks to a new law introduced in February this year, (Decree Law 19), they can bring their family offices with them.

But perhaps the most enticing thing about U.A.E. for the lack of income tax. When other parts of the world, and especially the U.S. and U.K., are mooting wealth taxes to pay for the pandemic, Dubai suddenly looks much more attractive.

And, if they start moving their businesses or family offices here, they are more likely to stick around, says Kohyar: “This surge right now is more on a personal level, it’s more rounded, and we think this is going to be much more sustainable because people are moving here with their families and with their businesses so they’ll definitely stay.”

Follow me on Twitter or LinkedIn. Check out my website.

I am a freelance journalist with a decade’s experience covering business stories from around the world. When not reporting, I advise governments, businesses and

Source: https://www.forbes.com/

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Related Contents:

“Where Dubai property rents have risen and fallen, Q1 2020”. The National. Retrieved 14 May 2020.

The Future of Travel in the Covid-19 Era

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After being shut down for nearly a year and a half, international travel has started to pick up again, with countries in the Caribbean, Africa, and Europe paving the way. The reopening of borders has been far from straightforward as the world negotiates inequities in Covid-19 containment, vaccine access, and economic recovery. And everything can change in an instant.

For airlines, airports, cruise lines, and hotels, the new normal is increasingly looking like the old normal; While advanced cleaning protocols are (happily) here to stay, social distancing and even mask requirements have started to peel away. A lack of cohesive guidelines from governing authorities mean that protocols are being patched together by individual properties and companies, leaving consumers to wade through fine print and determine what fits their risk thresholds.

If the wealthiest initially set the tone for the future of nonessential travel, the masses are now unleashing a storm of pent-up demand that has caused prices to multiply and availability to evaporate. Compounding those issues are labor shortages in many popular vacation destinations, already slim inventory gobbled up by last year’s cancelations, and a hampered import market that’s making it impossible to get a rental car or wrap up that hotel renovation. Consumers may feel safe traveling again, but it’s going to be a bumpy rebound.

Those of us who remain stuck in place can still daydream. According to the National Institutes of Health, simply planning a trip can spark immeasurable joy—and there’s high hope that the ongoing challenges of availability and border restrictions will iron themselves out by 2022. Getting into an adventurous frame of mind can remind us of the power of travel—not only in the billions of dollars in daily economic activity but also to forge cross-cultural connections and bring us closer to those we love.

By The Numbers

  • $150 million The amount of cash U.S.-based airlines were losing on a daily basis as of March 2021.
  • 1.2 million Average increase of daily travelers passing through TSA checkpoints in June 2021, compared to June 2020. The number still represents roughly a 30% decline from 2019 figures.
  • 67 Percentage of people who would feel confident traveling once vaccinated.

Why It Matters

It’s not just your vacation or business trip that’s on the line. The travel industry customarily accounts for 10% of the global economy, rippling to the remotest corners of the world. Each trip a person takes sets off a domino effect of consumption that directs dollars to airlines, hoteliers, restaurateurs, taxi drivers, artisans, tour guides, and shopkeepers, to name a few. In all, the tourism industry employs 300 million people. Especially in developing countries, these jobs can present pathways out of poverty and opportunities for cultural preservation.

In 2020, the pandemic put a third of all tourism jobs at risk, and airlines around the world said they needed as much as $200 billion in bailouts. By December, the World Tourism Organization had tallied $935 billion in global losses from the tourism standstill, and was estimating that the ripple effects would result in a total economic decline exceeding $2 trillion. Even with international tourism now cautiously reopening, the organization expects that the world will not return to 2019 tourism levels until 2023.

According to data from the World Travel and Tourism Council, every 1% increase in international arrivals adds $7.23 billion to the world’s cumulative gross domestic product. Any improvement in this sector is significant—and it’s just beginning.

Americans, who have easy access to vaccines and command an overwhelming share of the international travel market, are back on the road; two-thirds intend to take a trip in 2021. In the U.S., flight capacity has climbed back to 84% of 2019 levels. The questions are what it will take for the rest of the world to catch up and how the industry must evolve to be flexible at handling future Covid-19 variants so travelers will feel safe and willing to spend.

Grounded for many months, airlines are beefing up their summer schedules—though the number of flights will be a fraction of their pre-pandemic frequency. Airports are still mostly ghost towns (some have even been taken over by wildlife), and international long-distance travel is all but dead. Around the globe, the collapse of the tourist economy has bankrupted hotels, restaurants, bus operators, and car rental agencies—and thrown an estimated 100 million people out of work.

With uncertainty and fear hanging over traveling, no one knows how quickly tourism and business travel will recover, whether we will still fly as much, and what the travel experience will look like once new health security measures are in place. One thing is certain: Until then, there will be many more canceled vacations, business trips, weekend getaways, and family reunions.

Travel will normalize more quickly in safe zones that coped well with COVID-19, such as between South Korea and China, or between Germany and Greece. But in poorer developing countries struggling to manage the pandemic, such as India or Indonesia, any recovery will be painfully slow.

All this will change the structure of future global travel. Many will opt not to move around at all, especially the elderly. Tourists who experiment with new locations in their safe zones or home countries will stick to new habits. Countries with strong pandemic records will deploy them as tourism marketing strategies—discover Taiwan! Much the same will be true for business, where ease of travel and a new sense of common destiny within each safe zone will restructure investment along epidemiological lines.

With the support of IATA and others, the International Civil Aviation Organization developed a global restart plan to keep people safe when traveling. Restart measures will be bearable for those who need to travel, with universal implementation the priority. It will give governments and travelers the confidence that the system has strong biosafety protections. And it should give regulators the confidence to remove or adjust measures in real time as risk levels change and technology advances.

Contributors: Nikki Ekstein

Source: The Future of Travel in the Covid-19 Era – Bloomberg

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Critics:

The COVID-19 pandemic has impacted the tourism industry due to the resulting travel restrictions as well as slump in demand among travelers. The tourism industry has been massively affected by the spread of coronavirus, as many countries have introduced travel restrictions in an attempt to contain its spread. The United Nations World Tourism Organization estimated that global international tourist arrivals might decrease by 58% to 78% in 2020, leading to a potential loss of US$0.9–1.2 trillion in international tourism receipts.

In many of the world’s cities, planned travel went down by 80–90%.Conflicting and unilateral travel restrictions occurred regionally and many tourist attractions around the world, such as museums, amusement parks, and sports venues closed. UNWTO reported a 65% drop in international tourist arrivals in the first six months of 2020. Air passenger travel showed a similar decline. The United Nations Conference on Trade and Development released a report in June 2021 stating that the global economy could lose over US$4 trillion as a result of the pandemic.

References

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