• For the majority of Edge economies tourism is a large share of the economy; it also represents a significant source of FX inflows • Tourism has not fully recovered from the fall early in the pandemic, but a gradual further recovery is expected • No tolerance for saving the windfall: Ecuador is in the spotlight given an expectedly fast escalation of indigenous-led social protests Tourism is a vital component of the economy in multiple EM Edge countries, usually more so than in the United States (Figure 1). And for most of Edge it also has a large external component which represents a significant source of FX inflows. Pre-pandemic balance of payments data reveal that Georgia, Dominican Republic, Bahrain, Panama, Costa Rica, Egypt and Sri Lanka were most reliant on travel receipts. Meanwhile, households in Kuwait and Qatar, as well as Belarus and Ukraine, used to travel a lot and thus import more tourism than they export—this is no longer the case for latter two. In what follows we aim to identify who could benefit more from the rebound in tourism, but also where investors should be aware of negative risks.