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US to lose USD155 billion from collapse of international travel
The shutdown of international travel is set to burn a $155 billion hole in the US economy.
That is the amount the US could lose due to the collapse of international travel in 2020, says the World Travel & Tourism Council.
Latest research predicts international visitor spending in the US could be down by as much as 79%.
That represents a massive $425 million every day.
Under a ‘worst case’ scenario mapped out by WTTC, 12.1 million US jobs supported by tourism are at risk.
"The economic pain and suffering caused to millions of households across the US who are dependent upon travel and tourism for their livelihoods, is evident from our latest shocking figures," Gloria Guevara, WTTC President & CEO.
"It may take years to recover. It could also threaten New York’s position as one of the world’s premier hubs for business and leisure travel."
The WTTC called for a swift resumption of transatlantic travel to aid the recovery.
"It would benefit airlines and hotels, travel agents and tour operators and revitalize the millions of jobs in the supply chain which are dependent upon international travel across the Atlantic," Guevara said.
"We urgently need to replace blanket quarantine measures with rapid, comprehensive and cost-effective test and trace programs at departure points across the country. This investment will be significantly less than the impact of blunt quarantines."
Written by Ray Montgomery, US editor
TravelMole Editorial Team
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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