This Tuesday, through a statement, the rating agency Moody’s reported that tourism in Mexico will return to ranges prior to the COVID-19 pandemic in 2022, given good vaccination rates and no travel restrictions.
“Mexican states with high concentrations of tourism will likely have pre-pandemic hotel occupancy rates again in 2022.”
“Mexican states with high concentrations of tourism will likely return to pre-pandemic hotel occupancy rates in 2022, based on the recovery of hotel occupancy rates in 2021, the growing scope of vaccines and the lifting of restrictions on travel to Mexico from other countries, “explained the rating agency.
The firm recalled that the share of tourism in Mexico’s GDP contracted by 26.3% in the fourth quarter of 2020, with the greatest damage in states highly dependent on tourism, causing sharp drops in hotel occupancy rates and employment.
Thus, own revenues in 2020 fell 23% in Quintana Roo, 21% in Baja California Sur, 17% in Nayarit and 16% in Guerrero, but Mexico’s tourism GDP increased 52% during the 12 months until June 2021, and 9.2% in the second quarter of 2021.
“Hotel occupancy rates and employment have improved in tourism-dependent states, but not yet to pre-pandemic levels.”, he assured.
In the COVID-19 recovery environment for tourism, increased travel will primarily benefit banks in smaller economies that depend on tourism, they said.