The Impact of the COVID 19 Outbreak on Social Costs of Tourism to the Sri Lankan Economy

The number of confirmed COVID 19 cases has risen rapidly, first in the PRC, and recently globally, pointing out the multiple channels that affect the economy and quantifying potential impact scenarios. On several channels, the COVID 19 epidemic impacts economic activity in Sri Lanka, the rest of developing Asia, and the world. These include a rapid but temporary decline in domestic consumption in Sri Lanka and other emerging economies, and potential investment affects the outlook on potential industry activities. However, the business related tourism and travel failures spilled over lower demand in other sectors and economies through trade and production links supply interruptions This study estimated the WTP for individuals during a pandemic outbreak to reduce tourism risk in three Sri Lankan cities. The demand curves and social costs of tourism were contrasted in three cities by implementing the DCCVM method, and WTP values were generated. Second, residents of tourist attractions were observed by WTP to reduce the adverse impact of tourism on their communities after the COVID 19 pandemic. It was a new approach, and their interests are still ignored, although peoples role in tourism studies and practice has been recognized. Our research indicates that most individuals would compensate for reducing risk and action in response to the pandemic and that there was no significant difference in the WTP in the three cities. Second, era, salaries, and tourism employment have greatly affected citizens WTP. The willingness of younger people to pay more for risk avoidance was one impressive outcome. C L De Silva | Prof. D A C S De Silva "The Impact of the COVID-19 Outbreak on Social Costs of Tourism to the Sri Lankan Economy" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-1 , December 2020, URL: https://www.ijtsrd.com/papers/ijtsrd35839.pdf Paper URL : https://www.ijtsrd.com/economics/other/35839/the-impact-of-the-covid19-outbreak-on-social-costs-of-tourism-to-the-sri-lankan-economy/c-l-de-silva