“The whole cycle of tourism is being wiped out by the pandemic.” – WTTC President & CEO Gloria Guevara
The Travel & Tourism sector faces a staggering 100 million job losses due to the coronavirus pandemic, the World Travel & Tourism Council (WTTC) said on Friday.
“This is a staggering and deeply worrying change in such a short time,” Gloria Guevara, WTTC President & CEO, said.
The figure, based on research from WTTC, has increased by over 30 percent in the last four weeks, indicating the sheer crisis affecting the sector.
“In just the last month alone, our research shows an increase of 25 million in the number of job losses in Travel & Tourism,” Guevara said.
WTTC 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.
The “punishing impact” of the Covid-19 crisis has led to over one million jobs already being lost every day.
“The whole cycle of tourism is being wiped out by the pandemic,” WTTC’s president stressed.
The WTTC on Friday alerted G20 Tourism Ministers to the extent of the crisis, as they gathered by virtual conference. Of the 100.8 million jobs at risk, almost 75 million of them are in G20 countries.
“We have alerted the G20 Tourism Ministers… and advised on how governments need to step in swiftly to support and protect our sector,” Guevara said, adding that Travel & 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,” she said.
According to the WTTC, Travel & Tourism contributes 10.3 percent 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.