WTTC report lays bare cost of Covid-19 to travel sector

Asia Pacific was the area hit hardest by the Covid-19 pandemic based on the brand new annual Economic Trends Report from the World Travel & Tourism Council (WTTC).

The report reveals the complete dramatic affect of journey restrictions designed to curb Covid-19 on the worldwide financial system, particular person areas and its job losses worldwide.

Asia-Pacific was the worst performing area, with the sector’s contribution to GDP dropping a dangerous 54 per cent, in comparison with the worldwide fall of 49 per cent.

International customer spending was notably onerous hit throughout Asia Pacific, falling by 74 per cent, as many international locations throughout the area closed their borders to inbound vacationers.

Domestic spending witnessed a decrease however equally punishing decline of 48 per cent.

Tourism employment within the area fell by 18 per cent, equating to a surprising 34 million jobs.

Virginia Messina, WTTC senior vice chairman, mentioned: “WTTC information has laid naked the devastating affect the pandemic has had on tourism world wide, leaving economies battered, tens of millions with out jobs and plenty of extra fearing for his or her future.

“Our annual Economic Trends Report reveals simply how a lot every area has suffered by the hands of the crushing journey restrictions introduced in to regulate the unfold of Covid-19.

“WTTC believes governments around the world should take advantage of their vaccine rollouts, which could significantly ease travel restrictions on travel, and help power the wider global economic recovery.”

The report additionally revealed the European tourism sector suffered the second greatest financial collapse final yr, dropping 51 per cent, or €987 billion.

This vital and damaging decline was partly as a result of persevering with mobility restrictions to curb the unfold of the virus.

The report confirmed home spending in Europe declined by 48 per cent, offset by some intra-regional journey, nonetheless worldwide spending fell at a good sharper fee, by 64 per cent.

Despite this, Europe remained the highest international area for worldwide customer spending.

More Information

To learn the WTTC Economic Trends Report in full, please click on here.

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