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Global tourism facing trillion dollar losses
Global tourism related revenues could decline by up to $3.3 trillion due to widespread Covid-19 restrictions, with the US hit hardest.
A new UN study published this week bases its findings on three scenarios with restrictions lasting another four months, eight months and 12 months.
The analysis by the United Nations Conference on Trade and Development predicts revenue falls of $1.17 trillion, $2.22 trillion and $3.3 trillion respectively.
A UNCTAD official said the eight-month delay in removing lockdowns could be the most ‘realistic’ scenario.
"International tourism has been almost totally suspended, and domestic tourism curtailed by lockdown conditions imposed in many countries," the report said.
"Although some destinations have started slowly to open up, many are afraid of international travel or cannot afford it due to the economic crisis."
It could lead to half a trillion losses in the US, equivalent to 3% of GDP.
The projections are in line with the decline in tourism receipts predicted by the UN World Tourism Organization (UNWTO).
"These numbers are a clear reminder of something we often seem to forget: the economic importance of the sector and its role as a lifeline for millions of people all around the world," said UNCTAD’s director of international trade Pamela Coke-Hamilton.
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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.
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