HomeTourismWTTC: The travel and tourism sector lost $ 4.5 trillion in 2020

WTTC: The travel and tourism sector lost $ 4.5 trillion in 2020

The World Travel and Tourism Council’s Economic Impact Report (EIR) showed the full impact of Covid-19 on world tourism.

The body claims that last year the sector suffered losses of almost 4.5 trillion US dollars.

The annual study shows that the contribution of tourism to GDP in 2020 fell by a staggering 49 percent compared to the global economy, which shrank by only 3.7 percent last year.

The huge losses suffered in 2020 show the full picture of how the sector is trying to survive in the face of severe travel restrictions and unnecessary quarantines, which continue to threaten the rapid recovery of the world economy.

Overall, the sector’s contribution to world GDP fell to $ 4.7 trillion in 2020 (5.5 percent of the world economy) from nearly $ 9.2 trillion the previous year (10.4 percent).

In 2019, when global tourism prospered and created one in four new jobs in the world, the sector provided 10.6% (334 million) jobs worldwide.

However, last year, when the pandemic hit the heart of tourism, more than 62 million jobs were lost, a reduction of 18.5 percent, leaving only 272 million people in the industry worldwide.

The report also shows a shocking loss of travel expenses, which decreased by 69% compared to the previous year.

A WTTC study shows that the world’s tourism sector alone has been devastated, with an unprecedented loss of almost $ 4.5 trillion.

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