According to the World Travel & Tourism Council
(WTTC), the industry faces a staggering 100 million job losses
due to the COVID19 pandemic.
The startling figure, based on WTTC research, has
increased by over 30% in just the last four weeks.
Of the 100.8 million jobs at risk, almost 75
million of them are in G20 countries.
Analysis also shows a sharp escalation in the
economic loss to the world economy, up to US$2.7 trillion of GDP, from US$2.1 trillion just a month ago.
impact of the COVID19 crisis has led to over one million jobs
already being lost every day, says the WTTC.
Gloria Guevara, WTTC
President & CEO, said, “This is a staggering and deeply worrying
change in such a short time. In just the last month alone, our
research shows an increase of 25 million in the number of job
losses in travel and tourism. The whole cycle of tourism is being
wiped out by the pandemic.”
||Potential Total Job Losses
||Total GDP Loss
| North America
| Latin America
| Middle East
Travel and tourism contributes 10.3% of global
GDP, is responsible for generating one in four of the world’s new
jobs, and for nine successive years, has outpaced the growth of
the global economy.
“Travel and tourism is the backbone of the
global economy. Without it, global economies will struggle to
recover in any meaningful way and hundreds of millions of people
will suffer enormous financial and mental damage for years to
come,” Ms. Guevara added.