EY Cyprus COVID-19 Updates

COVID-19 Industry Pulse Report: Tourism

Executive Summary

The unprecedented humanitarian effect of the COVID-19 crisis comes along with a potential economic downturn. We are in unchartered territory that is beset with further shocks both to the local and global economy. What is clear, however, is that the road to recovery will be an uphill one. Addressing a volatile situation like this requires 

coordinated actions across all levels and stakeholders. The Tourism sector, a key pillar of the economy, has a critical role to play in economic recovery.

It is noted that the rapid expansion of the outbreak may cause some of the perspectives in this report to quickly become out of date. This Pulse report reflects our perspective as of April 13, 2020; we aim to update the report regularly as the outbreak evolves, to capture the latest developments caused by the virus.

EY has conducted a Survey with regards to the potential impact of COVID-19 on the Cypriot Tourism sector. Key experts and executives from major Cypriot hotels and hotel chains were invited to share their sentiment on the impact of COVID-19 on the sector with regards to operations and financial performance.

 

Full report can be found here

 

Stay safe and connected.

 

For additional information with respect to this Alert, please contact the following:

 

Stelios Demetriou

Partner, Strategy and Transactions

+357 22 209 746

+357 99 629 728

Stelios.Demetriou@cy.ey.com

 

Alexandros Pericleous

Director, Strategy and Transactions

+357 22 209 793

+357 96 795 017

Alexandros.Pericleous@cy.ey.com

 

Andreas Anastasiou

Director, Strategy and Transactions

+357 22 209 750

+357 95 561 628

Andreas.Anastasiou@cy.ey.com

 

 

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