News

WTTC Now Estimates 100+m Job Losses in Travel and Tourism

WTTC Now Estimates 100+m Job Losses in Travel and Tourism

The travel and tourism sector faces more than 100 million job losses due to Covid-19, according to the World Travel & Tourism Council (WTTC). The figure, based on research from WTTC, has increased by over 30% in the past four weeks.

WTTC has 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.

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.

Gloria Guevara, WTTC President and Chief Executive, said: “This is a staggering and deeply worrying change in such a short time. In just the last month alone, our research shows an increase of 25 million in the number of job losses in travel and tourism. The whole cycle of tourism is being wiped out by the pandemic.

“We have alerted the G20 Tourism Ministers to the extent of the crisis and advised on how governments need to step in swiftly to support and protect our sector. Travel and 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.”

Scale of the Crisis: WTTC Analysis

Potential Total Job LossesTotal GDP Loss
(millions)(US$billion)
Asia-63.4-1,041.0
Europe-13.0-708.5
Africa-7.6-52.8
Americas-14.1-790.9
North America-8.2-680.7
Latin America-4.7-83.8
Caribbean-1.2-26.4
Middle East-2.6-96.2
World-100.8-2,689.4

US$billion figures are based on 2019 prices and exchange rates

Travel and tourism contributes 10.3% 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.

Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *

News

NEIL STEEDMAN has been a trade journalist, editor and proofreader for 53 years, and ITTN's News & Features Editor for 43 years. His travel blog is at www.thetravelbuddhist.com.

More in News

Aer Lingus announces Santorini as new destination for Summer 2021

Michael FloodDecember 4, 2020

New Attractions and Accommodations in Portugal

Neil SteedmanDecember 4, 2020

Royal Caribbean floats out Odyssey of the Seas ahead of its 2021 launch

Michael FloodDecember 3, 2020

TUI Deals Ex-Dublin for Christmas and New Year

Neil SteedmanDecember 3, 2020

Royal Caribbean Group Extends Suspension of Cruising

Neil SteedmanDecember 3, 2020

easyJet to Charge for Overhead Locker Space

Neil SteedmanDecember 2, 2020

Emirates Offers Free 5-Star Hotel Stay in Dubai

Neil SteedmanDecember 2, 2020

Wendy Wu Extends Free Worldwide Flights Offer for Agents – Adds New Zealand

Neil SteedmanDecember 1, 2020

Emirates Delivers on Customer Promise to Complete Refunds Backlog

Neil SteedmanDecember 1, 2020

Copyright © 2019 Belgrave Group Limited, C4 Nutgrove Office Park, Nutgrove Avenue, Rathfarnham, Dublin 14, Ireland