The US economy is set to lose billions of dollars in revenue in 2025 from a pullback in foreign tourism and boycotts of American products, adding to a growing list of headwinds keeping recession risk elevated.
Arrivals of non-citizens to the US by plane dropped almost 10 per cent in March from a year earlier, according to data published Monday by the International Trade Administration. Goldman Sachs estimates in a worst-case scenario, the hit this year from reduced travel and boycotts could total 0.3 per cent of gross domestic product, which would amount to almost $US90 billion.
Bloomberg
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