WTTC research reveals global Travel & Tourism sector suffered a loss of almost US$4.5 trillion in 20
London, UK: The World Travel & Tourism Council’s annual Economic Impact Report (EIR) today reveals the full devastating impact of COVID-19 had on the global Travel & Tourism sector last year, which suffered a massive loss of almost US$4.5 trillion.
The annual EIR from the World Travel & Tourism Council (WTTC), which represents the global Travel & Tourism private sector, shows the sector’s contribution to GDP dropped a staggering 49.1%, this compared to the overall global economy which dropped by just 3.7% last year.
Vast losses run up during 2020, paint the first full picture of a sector struggling to survive in the face of crippling travel restrictions and unnecessary quarantines, which continue to threaten the urgent recovery of the world economy.
Altogether, the sector’s contribution to global GDP plummeted to US$4.7 trillion in 2020 (5.5% of the global economy), from nearly US$9.2 trillion the previous year (10.4%).
Read More ...
25 March 2021