In particular, the consultant identifies the travel, tourism and transport sectors as the most exposed to the risks arising from a decline in exports due to the impact of the commercial war and the viral outbreak.
According to PwC, China is “the largest source of international tourists in the world.” In 2018 alone, tourists from the Asian country made 150 million trips outside the country and accounted for 20% of the world’s tourism expenditure.
“Depending on how the restrictions evolve and the degree of virus expansion, the consequences for international travel and for the tourism sector could be significant,” PwC warned.
Despite this short-term impact, the forecasts for the evolution of service exports are “positive” on a medium and long horizon. The firm attributes this assessment to the sustained growth of the G-7 economies, the growth in high-speed Internet access and technological advances.