The rapid spread of the Delta variant is triggering new travel restrictions across the globe, posing another setback to the tourism sector, which is key for many emerging markets (EM). In some cases, year-to-date tourism flows are even weaker than in 2020. EM Asia is the hardest hit among EMs, with many of the region's borders closed to international travel as several countries battle with record-high daily COVID-19 infections. Failure to curb the pandemic's global spread could also disrupt tourism in other EMs outside Asia, as more travel restrictions could be imposed by the source countries of tourists. Furthermore, fresh lockdowns in several EMs threaten to derail the economic recovery once again, even if the impact of mobility restrictions on GDP has become less severe during recent COVID-19 waves than in earlier ones.