WTTC: Global loss in the travel and tourism sector in 2020 nearly $ 4,5 trillion

The loss in the global travel and tourism sector in 2020 reached almost 4,5 trillion US dollars, while the contribution of this sector to global GDP is almost halved, which confirms the devastating impact ...

Losses in the global travel and tourism sector reached nearly $ 2020 trillion in 4,5, while the sector's contribution to global GDP has almost halved, confirming the devastating impact of the covida-19 pandemic on the sector, according to the World Travel Council. and tourism-WTTC.
  
Referring to its recently published annual report on the economic impact of the pandemic on global travel and tourism, the WTTC notes that there was something good in 2020 - various government and other job conservation measures schemes saved millions of employees in the sector. not to be left without income and employers to keep workers.
 
However, they warn that the threat to these jobs due to the continued spread of the pandemic remains, but also that with quick action, coordinated measures and announced accelerated rather than slow vaccination, lost jobs and contribution to GDP could return by 2022.

“The almost halved contribution of the travel and tourism sector to global GDP also means that it was reduced to $ 4,7 trillion in 2020, from almost $ 9,2 trillion in 2019, which means that in 2020 it did‘ only ‘5,5 per cent of the global economy, as opposed to 2019 when it had a share of 10,4 per cent", They emphasize from the WTTC.

Commenting on such a decline in the global tourism and travel industry, the WTTC estimates that huge losses have accumulated in 2020. and tourism ”.
 
Add to that the data that in 2019, when global travel and tourism 'flourished' and generated one in four of all new jobs in the world, the sector globally brought 334 million jobs or 10,6 percent of all in the world, but they more than 62 million were lost in the pandemic, a drop of 18,5 percent, they say.
 
Job losses have been felt throughout the travel and tourism ecosystem, with small and medium-sized enterprises being particularly affected, accounting for 80 per cent of all enterprises in the sector. Women, who make up the majority of employees in world tourism, are also severely affected by this, but the impact of these losses on young people and minorities is also great.
 
"Without a full and urgent recovery of travel and tourism, many jobs and jobs currently supported by government retention schemes, reduced working hours and other", They say from the WTTC, which praises governments around the world for their relatively quick responses to preserving jobs in the sector, but also fears that many governments will not be able to continue to support vulnerable jobs indefinitely."Governments must address the travel and tourism sector to help it recover and trigger a global economic recovery“, Recommend from that World Council.

Source: WTTC

The new report also cites some "shocking details" of the pandemic's impact, such as huge losses in the sector as a result of "travel restrictions and unnecessary quarantines", and that international passenger spending fell by 2020 percent in 69,4. compared to 2019, and domestic passenger spending slightly less, by 45 percent, due to ‘some’ domestic travel in many countries.
 
“WTTC’s annual economic impact report shows the full extent of the‘ pain ’the sector has suffered over the past 12 months, which has ruined so many lives and businesses, large and small. It is clear that only the global travel and tourism sector is devastated and burdened by unprecedented losses and declining impacts in global GDP. It is therefore more important than ever that travel and tourism receive the support they need to help with economic recovery, which will be key to enabling the world to recover from the effects of pandemics.
Said WTTC President and CEO Gloria Guevara.
 
Despite everything, the WTTC believes, and according to the research they conducted, that in case of strengthening international mobility and travel by June this year, jobs could be significantly stimulated, which could then lead to an increase in the share of travel and tourism in the global GDP, but the 2019 level is not expected before 2022. 
 
The WTTC also predicts that travel and tourism will start to recover more strongly after 2022 and grow at an annual rate above 25 percent, with, of course, a global acceleration of vaccination, and that this could restore the lost 62 million jobs in the sector.

Related news:

Hrvatski HR English EN