26-Mar-2020 11:24 AM

WTTC: COVID-19 could cut USD2.1 trillion from travel and tourism sector in 2020

World Travel & Tourism Council (WTTC) estimated (25-Mar-2020) the coronavirus pandemic could reduce the contribution of the travel and tourism sector to GDP by up to USD2.1 trillion in 2020. Key regional figures include:

  • Asia Pacific is expected to be most heavily impacted, with up to 49 million jobs at risk throughout the region, representing a loss of nearly USD800 billion to travel & tourism GDP;
  • In Europe up to 10 million jobs in travel & tourism are at risk, totalling a loss of nearly USD552 billion. Germany is set to be the most affected country in Europe, with almost 1.6 million jobs at risk, followed by Russia with an estimated 1.1 million in potential job losses. Italy and the UK follow as the third most impacted, with both countries projected to lose up to one million jobs in the sector;
  • The Americas, including the US, Canada and Mexico, are expected to lose up to USD570 billion combined, with nearly seven million jobs at risk;
  • The region which has experienced the least damaging impact from the COVID-19 outbreak is the Middle East. However, it still faces job losses of 1.8 million and a GDP loss of up to USD65 billion to the regional economy. [more - original PR]

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