Poland resistant to the crisis in tourism

According to data from the World Travel and Tourism Council, in 2018 the value of the Polish tourism sector accounted for 4.5 percent of all generated GDP.

This is ridiculously low – according to the Council data it is the smallest percentage in a subjectively selected group of 35 European countries, but that's good because tourism can be treacherous.

In the age of the coronavirus epidemic, almost everyone today decides to reduce expenses related to travel and leisure. This will quickly cause a huge breakdown in tourism, especially in Europe. Moreover, the impending economic crisis caused by the epidemic will not allow the tourism industry to recover quickly. This collapse will be felt most by countries for which economies are so important that tourism is almost dependent on it.

For example: in 2018, the tourism sector accounted for almost a third of Iceland's total GDP, almost a quarter of Croatia's GDP and about a fifth of the GDP of Cyprus, Greece and Portugal.

Compared to these countries, and even the EU average, the Polish economy has much less to lose, economists of PKO Bank Polski note.

“From the point of view of the Polish position as a leading exporter of services, problems may affect, in particular, tourism and transport. The growing role of outsourcing services and IT, however, suggests that the shock for the service sector does not have to be as severe as in other countries, especially for the tourist-based south of the continent,” PKO BP analysts wrote.

ING economists also believe that the underdeveloped tourism industry in Poland is a good thing during an epidemic.

“A diversified economy, a smaller share of international trade and tourism as compared to the countries of the region and the benefits of lower energy prices are just some of the factors in favor of the Polish economy in the face of the ongoing crisis," they wrote in their opinion.

(300gospodarka)