Effects of COVID-19 on India’s Tourism Sector and Its Macroeconomy: A DSGE Analysis

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Analysis reveals a decline in tourism and exports in India, suggesting policy measures to diversify the economy's resilience.

Subdued national income and investments correlate with declines in tourism due to COVID-19 lockdowns.
Exports and imports faced significant reductions, while transfer payments and government bond issuance increased.
Dynamic stochastic general equilibrium analysis indicated the interconnectedness of economic sectors within India amidst the pandemic.
Implications highlight the necessity for policymakers to strengthen sectors outside of tourism to mitigate future crises.

Ramlall et al. (2025) studied this question.

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