Tourism in emerging markets: Cheap holidays for investors
Global tourism is recovering and while recession is a risk there is a very long way simply to match pre-Covid levels
Many emerging markets have a high contribution to GDP from tourism; directly, at least 5% (likely over 10% indirectly)
Tourism exposure in equity markets cheapest in Egypt, Georgia, Philippines, and Thailand; most expensive in Iceland

Strategy & Head of Equity Research @ Tellimer Research
