The travel and tourism sector faces a staggering 100 million jobs losses due to the coronavirus (COVID-19) pandemic, according to the World Travel & Tourism Council (WTTC). 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.
WTTC has alerted G20 Tourism Ministers to the extent of the crisis, as they gathered by virtual conference earlier Friday. Of the 100.8 million jobs at risk, almost 75 million of them are in G20 countries. In fact, the WTTC said that only the G20 has the power to influence and drive forward a coordinated recovery effort needed to preserve the travel and tourism sector.
WTTC analysis also shows a sharp escalation in the economic loss to the world economy, up to $2.7 trillion of GDP from $2.1 trillion just a month ago. The COVID-19 crisis, it adds, has led to over 1 million jobs being lost every day.
Gloria Guevara, WTTC President & CEO, said in a statement, “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.”
According to the WTTC, Asia faced the most potential job losses (and the largest hit to its GDP), with 63.4 million jobs at stake. The Americas and Europe follow with 14.1 and 13 million potential jobs lost; they also follow in second and third in terms of total potential GDP loss. Travel and tourism contributes 10.3 percent of the global GDP, is responsible for generating one in four of the world’s new jobs and, for nine years, has outpaced the growth of the global economy.