Tourism to Taiwan dropped nearly 90% in 2020 due to COVID-19.
The World Tourism Organization (UNWTO) says that the number of tourists traveling globally decreased over 70% between 2019 and 2020. That's a drop of about 1 billion people. This brings international tourism down to levels seen over 30 years ago, and has cost the industry US$1.1 trillion. That's ten times more than the effects from the global financial crisis seen in 2009.
In 2019, about 11,840,000 tourists visited Taiwan, a record high. That was then followed by an 88% drop to 1,377,861 in 2020. This year, only 90,000 people have traveled to Taiwan between January and August.
Taiwan's tourism development fund has gone into bankruptcy and taken out loans to remain in operation. Transportation Minister Wang Kwo-tsai said on Tuesday that the fund has borrowed over NT$5.9 billion (US$212 million) since September 13.
The Tourism Development Fund was established in 1999 and saw impressive growth over the past 20 years, culminating in a treasury worth over NT$16 billion (US$576 million) by 2018.
Taiwan's domestic tourism was impacted even greater after the spike in COVID-19 cases in May 2021. This has affected over 270,000 people in the hospitality and tourism industries. Many are now hoping the new stimulus vouchers and loosening of restrictions will help keep their businesses afloat.