Tourism's recovery potential is shown by Iceland

  • Similar to Dubai around the turn of the year, Iceland is currently demonstrating the pent-up demand for tourism

  • Visitors to Iceland in May were up 14x yoy but still merely 16% of the prior 10-year average for May

  • Pre-Covid, tourism was a 12.5% direct contribution to GDP in Iceland; this is over 5% in many emerging markets
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