WTTC reports dramatic impact of COVID-19 on Travel & Tourism around the worldwide
World Travel & Tourism Council (WTTC) published Economic Trends Report, revealing the dramatic impact of COVID-19 on worldwide Travel & Tourism. The report reveals the full impact of travel restrictions designed to control COVID-19 on the global economy, individual regions, and its job losses worldwide
According to the report, the Asia Pacific region suffered the most from the COVID-19 pandemic with the Travel & Tourism sector's contribution to GDP dropping by 53.7%, compared to the global fall of 49.1%. International visitor spending fell by 74.4%, as many countries across the region closed their borders to inbound tourists, while domestic spending declined by 48.1%. In addition, Travel & Tourism employment in the region fell by 18.4%, equating to 34.1 million jobs.
The European Travel & Tourism sector suffered the second biggest economic collapse last year, dropping 51.4% (EUR987 billion). This decline can be explained by continuing mobility restrictions to curb the spread of the virus. Domestic spending in Europe declined by 48.4%, however international spending fell even more, by 63.8%. Despite this, Europe remained the top global region for international visitor spending.
The WTTC Economic Trends Report shows how the Travel & Tourism sector enables socio-economic development, job creation, and significant positive social impact, including providing unique opportunities to women, minorities, and youth. To read the full report, please follow this link.